Rental property and the in-house assets risk

Trustees of self-managed super funds that own vacation rental properties must take extra care when managing an asset that gets a lot of attention from the tax office around tax time. SMSFs risk breaching the in-house assets rule, as well…

Tax man warns: Get your rental property claims right

Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’. The ATO says it recently completed…

Q&A 15 October 2018

Q: I have several residential property investments, which are all rented out. They are in different locations and I travel to them regularly to do maintenance jobs. I know that the law has changed and I may not be able…

ATO targets home office expenses

The Australian Taxation Office says a record number of taxpayers are claiming deductions for expenses incurred while working from home. A high level of mistakes and questionable claims has prompted it to increase attention on home office expenses. ATO assistant…

Tax office unhappy about holiday home deductions

The Australian Taxation Office has warned that it is targeting “the large number” of mistakes, errors and false claims made by rental property owners who use their property for their own personal holidays. ATO assistant commissioner Kath Anderson says some…

Take care with tax claims for rental properties

The Australian Taxation Office has issued some tips to help rental property owners avoid common tax mistakes. It has cracked down on incorrect rental property deductions in the past and it appears it will do so again this year. Make…

Q&A 4 December 2017

Q: I have a residential investment property in my self-managed super fund. I am a bit confused about new rules that will tighten up on rental property deductions. I have read varying commentaries, saying that they do and do not…

Investment property deduction rules tightened

The Government has introduced legislation to give effect to its announcement in this year’s Budget that it would tighten up on the depreciation and deductibility rules for property investors. The new rules, set out in Treasury Laws Amendment (Housing Tax…

ATO sheds light on deductible costs for super funds

An issue that can make tax reporting tricky for trustees of self-managed super funds is apportioning fund expenses between assessable income and non-assessable income, so that deductions are calculated correctly. The ATO has issued an addendum to a tax ruling…