ATO delivers new tax warning to property investors
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The Australian Taxation Office (ATO) has revealed it’s expanding the rental income data it receives from property managers and rental bond authorities to ensure property investors are doing the right thing at tax time.
It’s part of a warning delivered by the ATO to property investors this tax time, telling them to “beware of common tax traps that can delay refunds or lead to an audit, costing taxpayers time and money”.
According to assistant commissioner Tim Loh, the most common mistake rental property and holiday home owners make is neglecting to declare all their income, which includes failing to declare any capital gains from selling an investment property.