The ATO is Again Focusing on Rental Property Owners’ Tax Returns (July 2024 Tax Update)

Relevant For:

Rental property owners.

Key Points:

• Maintain accurate and complete records for all rental property expenses.
• The ATO cross-checks data from multiple sources, increasing the need for accurate documentation.
• Understand the difference between deductible repairs and capital expenditure.
• Communicate all relevant information to us about your rental properties.

Full Article:

The ATO is once again scrutinising rental property owners' tax returns, particularly inflated claims to offset increased rental income.

ATO data reveals widespread errors in tax returns, such as