Morning!
if a landlord rents a property to a family member and sometimes gives them rent free periods or discounted rates, is the rental income to account for; what rental income has actually been received or what should have been received (ie if it wasn't a family member ie market rates) thank you !!
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Hello and good morning!
As I understand it, the 'mates rates' given, is disclosed on the tax return, but, because they are below market value, it restricts claimable expenses. Basically you can only claim expenses insofar as they take the "profit" to NIL. Any tax relief on the excess expenses is lost, and cannot be carried over to the next period.