Deputy Prime Minister Michael McCormack's new income on an existing investment property has been revealed: board paid by his daughter.

Key points: Not declaring income can be a breach of ministerial standards

Not declaring income can be a breach of ministerial standards Mr McCormack updated his disclosures the day Barnaby Joyce resigned

Mr McCormack updated his disclosures the day Barnaby Joyce resigned Rules say any changes to interests must be declared within 28 days

The Nationals leader faced questions over whether he had breached the register of interests on Tuesday, after he declared a new stream of income on one of his investment properties.

However he revealed to the ABC that the income was simply board paid by his daughter.

"This is the first year since she moved to Melbourne that she has full-time permanent work as a teacher," he said.

"We have not charged her in the past to enable her to get on her feet and have only this school year, beginning 31 January, started charging her the equivalent of board."

Mr McCormack first disclosed the property in September 2016, labelling it an "investment".

Failing to disclose income on time could have constituted a breach, which would have placed him in "serious contempt of the House of Representatives" and trigger a breach of the ministerial standards.

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Last Friday — the day Mr Joyce indicated he would step down as Nationals leader — Mr McCormack updated his disclosures to include "Income/Rent on investment property (Melbourne) for wife and I".

He confirmed to the ABC that he has not had a "paying tenant" living there since purchasing the property.

The resolution agreed to by the House of Representatives requires MPs to disclose any alteration of their interests to the register within 28 days of that alteration occurring.

His Nationals colleague, Senator Matt Canavan, was caught out failing to declare the purchase of his family home at Barmaryee, north-east of Rockhampton last week.

There has been confusion about whether the rules require disclosure of both the income from the property and the property itself.

Liberal MP John Alexander declared a business property in July in line with advice from the clerk.

However some commentators argued in December that he should also disclose a separate listing for income from the business.

The ABC confirmed on Tuesday that he intends to report both the business and the income when his statement as a newly returned MP is published in coming weeks.

Mr McCormack has disclosed various gifts within the required timeframe in the past year, including the following hospitality:

Country Championships at Randwick racecourse (provided by Tabcorp);

Country Championships at Randwick racecourse (provided by Tabcorp); AFL grand final (NAB);

AFL grand final (NAB); Melbourne Cup (Tabcorp);

Melbourne Cup (Tabcorp); Derby Day (IAG);

Derby Day (IAG); Ashes cricket (Cricket Australia and Channel Nine); and

Ashes cricket (Cricket Australia and Channel Nine); and The Australian Open (Optus).

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This story has been updated to reflect Mr McCormack's latest statement.