Property used in running a business

If you own, lease or rent property used for business purposes – whether commercial premises like a shop or office, or even your own home – you:

• must include any rental income in your tax return
• can claim income tax deductions for some property expenses
• will be liable for capital gains tax on any capital gain if you sell the property.

You may also have GST obligations and entitlements when you buy, sell, lease or rent commercial premises.

If you're dealing with property, including one-off transactions (for example, you buy, sell, lease or develop), you may be considered to be conducting an enterprise. If your turnover from these activities is more than the GST registration turnover threshold, you may be required to register for GST.

Source: ATO