The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered nine out of ten tax returns reviewed were filed
After 20 years plus of preparing rental property tax returns, I’ve come up with my list of the “Top 10 Rental Property Tax Return Mistakes”. 1. Co-owned properties – Apportioning expenses and income If you own a rental property with someone else, you must declare rental income and claim expenses
Rental Property Tax Returns – Be Prepared: What you need to bring to your tax return appointment. If your’re coming in soon to discuss completing your rental property tax returns, please see the following to help ensure we can get the most effective result for you. What to consider? Here
The ATO has issued a media release warning taxpayers not to make incorrect tax claims for rental properties, particularly holiday homes. Compliance is a problem in this area where deductions for holiday homes are claimed even if the property is not genuinely being rented out. Home owners can only claim
