ALERT!! ATO DOUBLES THEIR RENTAL AUDITS
With the end of the financial year approaching quickly, the ATO has warned rental property owners to make sure that their claims are correct this tax time, as it will be doubling the number of audits.
In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and penalty fines totally $1.3 million where imposed on rental claim lodgements.
There will be a specific focus on overclaimed interest, capital works claimed as repairs, incorrect apportionment of expenses for holiday homes let, and omitted income from accommodation sharing.
The investigators will also widen their search to include reviewing utility accounts, tolls, social media, third party information from financial institutions, property transactions, rental bonds, online booking platforms and other online content.