The ATO warns nine out of 10 landlords are making a huge mistake.
It pointed out to property owners where the money they save by incorrectly lodging a return is being siphoned from.
“If you’ve made genuine mistakes, we encourage you or your registered tax agent to fix any errors or omissions in your tax return as soon as you can. If you are deliberately over-claiming, it is un-Australian and penalties will apply.”Credit:“Make sure you are declaring your gross income. We have seen some clients declaring their net rental income after the property manager has paid their expenses, and then they have claimed deductions like rates and repairs all over again,” Loh said.
“But if you rip out an old bathroom and put in a new and improved one, this is a capital improvement and is deductible over time as capital works.”
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