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ATO's Tips for Correctly Claiming Deductions for Rental Properties
Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses.
Taxpayers need to get their ‘rental right’.
The ATO reminds rental property owners to take care when lodging their tax returns this tax time. Taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other rental-related income.
Tax time focus on rental property income and deductions.
The ATO is focusing on four major concerns this tax season when it comes to rental properties.
ATO warns property investors about common tax traps.
In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money.