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ATO Rental Property Blitz The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses. The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses. And, they would like that back now please. As a result, banks and other financial institutions will be required
You don’t need to have complicated tax affairs to benefit from the use of a tax agent. Using a tax agent can help take the stress out of lodging your annual tax return; by relying on their experience and specialist knowledge. There are a number of ways that you may benefit from their services, including: Working through possible deductions to understand if there is anything that you should be claiming against your income.This could include