Rental Reductions Under A Microscope

Kings Langley NSW Rental properties CPA Aus­tralia has advised Australia’s 1.5 mil­lion tax­pay­ers who own rental prop­er­ties that the Aus­tralian Tax­a­tion Office will be increas­ingly vigil­ant in audit­ing rental deduc­tions as rental losses to grow.

The Aus­tralian Tax­a­tion Office plans to exam­ine 6,000 at-risk cases as well as unusual pat­terns of rental claims.

Last year, the Aus­tralian Tax­a­tion Office sent out 65,000 review let­ters and com­pleted 6, 700 reviews or audits which raise addi­tional tax rev­enue of $8.4 million.

The Aus­tralian Tax­a­tion Office’s audits will focus on incor­rect appor­tion­ment of interest claims, excess deduc­tions for cap­ital works, non-deductible ini­tial repairs and bor­row­ing costs claimed as fully deduct­ible in the year they are paid.

CPA Aus­tralia advises rental prop­erty own­ers to have up-to-date records and cop­ies of all rel­ev­ant receipts.

Fast Facts Pro­por­tion Of Fam­ily Income Required To Meet:

Home Loan Repay­ments – 38%

Rent Pay­ments – 24.7%

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia