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  • Tax

    Paying tax on ‘profits’

    Newby question...

    I’m renting out my old property that I used to live in and am about to complete my first tax assessment.

    it states I need to pay tax on any ‘profit’ however due to circumstances I am losing money and having to subsidise the costs and therefore are making and ‘profit’

    i understand there are deductible costs but as I’m not making profit do I need to pay tax?

    thanks

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