ATO warns investors to declare all their income
Attention property investors: the Australian Taxation Office has said it will be paying close attention to your tax returns.
The ATO has made it clear investors need to include “all the income” they’ve received this financial year in their tax return, including:
- Short-term rental arrangements (e.g. Airbnb)
- Insurance payouts
- Rental bond money that was retained
The ATO has also urged property investors to keep good records because all rental income and deductions need to be entered manually – even if investors use a registered tax agent (such as an accountant) to prepare their tax returns.
“If we do notice a discrepancy it may delay the processing of your refund as we may contact you or your registered tax agent to correct your return,” according to the ATO.
“We can also ask for supporting documentation for any claim that you make after your notice of assessment issues.”
Want to get a loan? Let’s chat.
Hit the button below to arrange a conversation with one of my loan specialists to find a deal that’s best for your situation.
We partner with over 50 lenders so you can find the perfect solution