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Rental Property Owners Encouraged to Understand Obligations
With just days away from Tax Time, the Australian Taxation Office (ATO) is encouraging owners of rental properties to learn more about their tax obligations to be able to lodge and claim their deductions correctly.
Assistant Commissioner Gramham acknowledges that lodging taxes can be “tricky” for rental property owners. That’s why it is important for owners to properly understand their duties, especially with regards to the taxes concerning their properties.
The Assistant Commissioner also says that the ATO will be focusing on excessive internet expense claims as well as the incorrect apportionment of rental income and expenses between owners.
“We are also looking at holiday homes that are not genuinely available for rent, and incorrect claims for newly purchased rental properties,” says Whyte. If you are claiming deductions for your rental property, be sure to include all your rental income and make sure that your property was genuinely available for rent when the expense was incurred.”
Tax payers are reminded by the ATO to make sure to apportion any deduction to take any private use into account, and also that there should be records to prove a claim against taxes.
The Tax Office warns that their ability to identify incorrect or fraudulent property claims is becoming more sophisticated with the help of technology and extensive use of data, so it’s best to make sure that rental property owners are well-informed of their obligations with the ATO.
If you have other concerns and needs assistance with your rental properties, you can contact us here or call us on (08) 9301 2200.
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