ARTICLE · 10 AUGUST 2022

ATO focus on rental properties

Moore Australia

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The ATO highlighted that income & deductions from rental properties remain a key area of focus.

AustraliaTax

Clint Bainbridge

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The Australian Taxation Office (ATO) have highlighted that income and deductions from rental properties remain a key area of focus. They have found that 90% of tax returns reporting rental income contain at least one error.

Ensuring taxpayers are correctly disclosing all income and claiming the correct deductions relating to rental properties has been an area of the ATO's focus for several years. Their data matching capabilities have been expanded with them now able to source information directly from sharing economy platforms (e.g., AirBnb), rental bond authorities and property management software providers.

The ATO raise some common issues in relation to rental properties in their media release which may be of interest and can be found here .

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