Australia Tax Agency Seeks Comments on Draft Ruling on Taxation of Non-Business Rental Income

The Australian Taxation Office Nov. 12 opened a consultation on Draft Taxation Ruling No. TR 2025/D1, to clarify the individual income tax treatment of rental income, for individuals not engaged business. The draft ruling would clarify the: 1) circumstances when amounts received for the use of a rental property are assessable income; 2) criteria for claiming deductions on losses or expenses incurred related to the rental property; 3) apportionment of deductions when there are both income-producing and non-income-producing uses of the rental property; 4) disallowance of specified deductions for a taxpayer’s holiday home used as a rental property on the ...