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What is rental income?

Rent and rent-related payments that you receive, or become entitled to, when you rent out your property are considered income and must be reported on your tax return. Even if these payments are made to your agent, they must still be included in your income.

If the rent you receive is in the form of goods or services, you must work out the monetary value of these payments and declare it on your tax return. Rental bond money you become entitled to retain - perhaps because a tenant defaulted or damaged your property - is included in rental income and must also be declared.