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[av_heading heading=’ATO doubles rental deduction audits’ tag=’h2′ style=’blockquote modern-quote modern-centered’ size=” subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading]

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[av_heading tag=’h3′ padding=’10’ heading=’In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much – one in ten is estimated to contain errors.’ color=” style=’blockquote modern-quote modern-centered’ custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]

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4,500 audits of rental property deductions will be undertaken this year with the focus on:

  • over-claimed interest
  • capital works claimed as repairs
  • incorrect apportionment of expenses for holiday homes let out to others
  • omitted income from accommodation sharing

Deliberate cases of over-claiming are treated harshly with penalties of up to 75% of the claim.

In one case exposed by the ATO, a taxpayer had to pay back $12,000 in claims for deductions against a holiday home that was not genuinely available for rent and was blocked out during the holiday season.

In another, a taxpayer paid back $5,500 because they had not apportioned their rental interest deduction to account for redraws on their investment loan to pay for living expenses.
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If you have a rental property – you may want to consider having Accountancy Insurance.

Want to know more?

Click here to find out how we can assist you.

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