Rental deductions – be aware the ATO are coming
CPA Australia has warned that the Australian Tax Office has property investors under close scrutiny this financial year due to suspicions that rental deductions are being over-claimed.
Rental expenses outstripped rental income declared by more then $5 billion in the 2006/07 financial year.
CPA Australia senior tax counsel, Mark Morris has been reported as saying that the Tax Office are also concerned that rental income was being under reported and warned it would use data matching to identify rental property owners and check the information provided in their tax returns.
This is a warning to make sure that you don’t over claim your expenses.
Happy Investing
Filed Under: Investment Strategies • Property Investment • Property Investment Tips • Property News • Property Websites • Tax Tips
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