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ATO delivers new tax warning to property investors SHARE THIS ARTICLE 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. ....
Income, interest and capital works deductions: What property investors need to know to steer clear of the ATO By Fergus Halliday 02 August 2021 | 1 minute read SHARE 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. ....
Should you borrow money to invest in shares? smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.
Should you borrow money to invest in shares? watoday.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from watoday.com.au Daily Mail and Mail on Sunday newspapers.
ATO's Indigenous Helpline is ready for your call miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.