The ATO says it is increasing its focus on rental property deductions. It says common errors made by rental property owners include: claiming rental deductions for properties not genuinely available for rent; incorrectly claiming deductions for properties only available for rent part of the year such as a holiday home; incorrectly claiming structural improvement costs as repairs when they are capital works deductions, such as re-modelling a bathroom or building a pergola; overstating deduction claims for the interest on loans taken out to purchase, renovate or maintain a rental property.
The ATO has also released a series of short videos which explain the tax implications of buying, owning and selling a rental property.
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Tony has 33 years’ experience as an accountant, and 13 years’ experience as a CPA. His first 18 years’ experience involved financial, management and operational accounting roles at a senior management level, in the security, transport, and forensic accounting industries