How landlords can avoid the ATO’s tax traps this financial year:
The tax office is keeping expenditure on rental properties under the microscope ...
theage.com.au/money/tax/how-landlords-can-avoid-the-ato-s-tax-traps-this-financial-year-20240618-p5jmp8.html
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Landlords face scrutiny over rental-property tax claimsCertain expenses incurred before June 30 may count toward the current tax year.
Key FactsJun 18, 2024 · Reading time: ~30 sec.
Summary created with AI assistance · Source: theage.com.au
Summary created with AI assistance · Source: theage.com.au
- Because tax rates change on July 1, the author suggests incurring suitable expenses before June 30.
- The tax office can use supercomputers to identify unusually high rental expenses and flag them for further investigation.
- Repainting required when the property was bought is not immediately deductible, but depreciated over 40 years at 2.5 percent annually.
- Under self-assessment, the tax office audits a yearly sample in detail, and errors may lead to back taxes and penalties.
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mandatory financial charge or other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization to collectively fund government spending, public expenditures, or
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