The tax office says it is cracking down on landlords who are over-claiming tax deductions.
abc.net.au/news/rental-property-airbnb-work-from-home-deductions-tax-time-2023/102346286The tax office says it is cracking down on landlords who are over-claiming tax deductions, after a recent review found nearly nine out of 10 landlords made mistakes on their annual returns and incorrectly claimed expenses.
ATO Assistant Commissioner Tim Loh said about 87 per cent of individual rental owners use a registered tax agent to prepare their income tax returns, and encouraged agents or those who prepare their own tax returns to take greater care. The agency says it is focused on ensuring rental property owners understand how to correctly apportion loan interest expenses where part of the loan was used for private purposes, or where the loan was re-financed with some private purpose.
Cryptocurrencies are growing in popularity, with about 800,000 Australians investing in them over the past few years.
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