Everyone with an investment property is potentially at risk, especially holiday home owners!
Do you have a holiday home you use privately and personally and claim it on tax? This short article is for you!
Don’t expose yourself to a tax office audit.
The tax office has you in its sights! Big time!
The Australian Taxation Office (ATO) announced it will double the number of in depth audits scrutinising rental deductions to 4,500 in the 2020 financial year.
Everyone with an investment property is potentially at risk, especially holiday home owners.
The biggest issue we see as experts in investment properties is over-claimed interest, capital works claimed as repairs, incorrect apportionment of expenses for holiday homes let out to others, and omitted income from accommodation sharing.
The area of investment properties and especially holiday homes is very complex!
You need to make sure that your accountant knows the rules and you aren’t one of the 4,500 audits in the 2020 financial year!
Technology allows the tax office to search through even more data including utilities, tolls, social media and other online content to determine whether the taxpayer was entitled to claims they’ve made.
Private message us with “INTERESTED”, then we’ll have a chat so we can see if we can help you avoid these dangerous mistakes.
Or if you’d like to come in and discuss your circumstances follow the link below for an ultimate 360 degree financial review of your financial affairs, obligation free. https://bit.ly/2USsT6J