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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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8
Notes Online Home 2020 Tax Hot Spots II COVID-19 Update
Understanding the main issues involved for landlords affected by COVID-19
In this section of the seminar notes we provide an understanding of the main issues involved for landlords affected by COVID-19. In more detail:
• Does a reduction of rental income affect rental property deductions for landlords?
• Treatment of interest expenses when landlords have deferred loan repayments
• Income tax treatment of back payments of rent or insurance received for loss of rent
• Issues for short-term rental accommodation
• ATO allows SMSFs to ignore in-house asset breaches from deferred rent arrangements