Over the years the ATO has been scrutinising many areas of taxpayer income tax returns and one of the areas that continues to be in the spotlight are investment properties. As it is that time of year again where you may be organising your paperwork to lodge your income tax return, hopefully the list outlined below will ensure you know exactly what you can and cannot claim in relation to your investment property.
In the light of recent changes and the ATO’s focus on investment properties, it can become an area of complexity for many taxpayers. If you would like us to help you, please call us to arrange a complimentary meeting to discuss how we might be able to assist (08) 9387 5637.
Please note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
Stay tuned for my next article, which will look at rental of holiday homes.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
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Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.