Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
ATO turns attention to property ‘rorts’

ATO turns attention to property ‘rorts’

With interest rates at historic lows, the Australian Taxation Office is targeting the 1.8 million Australians who own an investment property, on the hunt for tax misdemeanours.

Advertisement
Advertisement
>A statement issued by tax specialist accounting firm H&R Block has warned that the ATO is now responding to particular challenges thrown up by the current interest rate environment.

“Whether it’s a commercial property, a city pad rented out long term or a holiday retreat for family, friends and holiday-makers, the ATO has signalled a big push to check that people aren’t over-claiming tax deductions,” said H&R Block director of tax communications, Mark Chapman.

The ATO will, however, be issuing investors with a reminder of the appropriate claim deductions available to them, Mr Chapman said, adding that the tax office has access to a range of third-party data.

“Periods of personal use can’t be claimed. This is particularly important for holiday homes, where the ATO regularly finds evidence of home-owners claiming deductions for their holiday pad on the grounds that it is being rented out, when in reality the only people using it are the owners, their family and friends, often rent-free,” he said.

ATO turns attention to property ‘rorts’
mortgagebusiness

 

Latest News

Regulators could move to set caps on loan volumes for borrowers with high debt-to-income ratios if the housing market recovery continues to ...

The federal Treasurer has welcomed the final budget outcome for the 2019 financial year, which shows that the deficit now equates to zero pe...

The Federal Reserve has slashed rates for the second consecutive month, “reinforcing” the necessity of further cuts to the cash rate in ...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.