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Income, interest and capital works deductions: What property investors need to know to steer clear of the ATO
By Fergus Halliday
02 August 2021
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1 minute read
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Australia’s tax collector says it is ready and willing to apply extra scrutiny to the tax returns of those with an investment property if need be.
The Australian Taxation Office (ATO) has cautioned property investors not to bet against them when it comes to filing their tax return properly.
The ATO revealed that, in the previous financial year, over 1.8 million Australians with rental properties claimed $38 billion in deductions.
However, assistant commissioner Tim Loh revealed that the ATO adjusted more than 70 per cent of the 2019-20 returns selected for review.
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Kerry Sun is a site writer at The Motley Fool Australia. He holds a Bachelor of Commerce, majoring in Finance and Economics. Kerry started his investing and trading journey back in 2014, riding the highs of A2 Milk and lows of Slater and Gordon. Kerry takes a techno-fundamental view on stocks, understanding the importance of sound fundamentals supported by a strong technical chart. Current sectors of interest include US sports betting, rare earths, lithium and BNPL.
By Justin Hendry on Aug 3, 2021 12:41PM
Lights out for Notify.com.au.
The Digital Transformation Agency has quietly killed off the last of four Turnbull era whole-of-government pilot platforms, as work ramps up on the $200 million-plus myGov portal rebuild.
In 2017, the agency was funded to the tune of $33.5 million through the Commonwealth public service modernisation fund to develop a pilot set of reusable government-wide platforms over three years.
The platforms, offering tell us once, notifications and payments functionality, were pitched as a blueprint for departments and agencies at federal, state and local jurisdictions to develop their own services.
The most successful of the platforms was the notifications platform, called Notify.gov.au, which allowed agencies, particularly those without existing channels, to send reminders and messages via SMS and email.