The Australian tax commissioner Chris Jordan said in a speech in Hobart that more than 2.1 million taxpayers are claiming $47.4 billion in deductions against $44.1 billion in reported income.
Jordan went on to say, "Our auditors have now completed over 300 audits on rental property claims and found errors in almost nine out of 10 returns reviewed”.
"We’re seeing incorrect interest claims for the entire investment loan where it has been refinanced for private purposes, incorrect classification of capital works as repairs and maintenance, and taxpayers not apportioning deductions for holiday homes when they are not genuinely available for rent.”
You can download the ATO’s guide for rental property owners here: https://www.ato.gov.au/uploadedFiles/Content/IND/downloads/Rental-properties-2018.pdf
Saturday, 16 March 2019