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ATO targets rental property owners

Posted on June 15, 2016 by admin

The Tax Office is focusing on rental property owners this tax time and is encouraging rental owners to understand their obligations and check their claims are right before lodging their tax returns.

The ATO will be paying close attention to excessive interest expense claims and incorrect apportionment of rental income and expenses between owners.

The Tax Office will also be targeting holiday homes that are not genuinely available for rent and incorrect claims for newly purchased rental properties.

To avoid incorrect property claims, rental property owners need to ensure all rental income is included when claiming deductions and that property was genuinely available for rent when the expense was incurred.

Rental owners must make sure they apportion any deductions to take any private use into account and keep records for the claims made. The ATO’s use of sophisticated technology and data matching has amplified the Tax Office’s ability to identify incorrect rental property claims.

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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