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ATO targets property investors’ rental claims

Date: 14 December 2023

The Australian Taxation Office (ATO) is increasing scrutiny on rental property claims, targeting accuracy and compliance in the upcoming tax season. Recent audits revealed errors in 90% of returns, therefore the ATO has employed a data-matching protocol with mortgage lenders.

You should now be prepared as the ATO will scrutinise various claims, including mortgage-interest deductions and common mistakes in property-related claims. Property investors, especially those in accounting, are urged to be cautious, particularly with repairs and maintenance claims.

Meticulous record-keeping is emphasised, with a focus on substantiating all expenses. Deductions for low or no-rent leases will be restricted. To navigate this, investors must adhere to guidelines and exercise diligence. Talk to your team at Roberts + Morrow on 02 6774 8400 or email enquiries@rm.net.au if you have any questions or queries on this.

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