Q: If an owner receives a back payment of rent or an amount of insurance for lost rent, is this assessable income to the property owner?
Yes. These amounts should be declared as income in the tax year in which you receive the amounts.
Q: If the bank defers loan repayments for a period due to COVID-19, can a property owner continue to claim interest on the loan as a deduction?
Yes. If interest continues to accumulate on your loan, it will be an expense that you have incurred and is therefore deductible. Interest remains deductible on the loan even if the bank defers the repayments.
Q: Is a rental property owner able to access the new increased instant asset write off for their property?
No. If you are a property investor, you cannot access the instant asset write-off deduction.