ATO eyeing property investors: H&R Block
Property investors have been warned they be in the tax office's sights and must remain wary of claiming deductions if their property hasn't been leased out in the last financial year.
Tax agent H & R Block says some investors are trying to make claims without satisfying the deduction criteria and making themselves a target during an Australian Tax Office (ATO) audit.
"We are finding that property owners are still trying to claim deductions on their weekend getaway places, when they are not being rented or leased," Regional Director of H&R Block, Mr Frank Brass, said.
"There are a range of traps that property investors need to avoid, with the main one being that if their property has not been available for rent in the 2014 financial year, no deductions can be claimed."
Brass said other common mistakes property investors make include trying to claim home improvements, as opposed to repairs, travel expenses and legal costs.
AUTHOR
Staff Writer
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
