Rental Reductions Under A Microscope
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 Mitchell
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.