Banks will be compelled to hand over the data of 1.7 million landlords, including transaction details, as part of a tax office crackdown in search of $1.3bn in revenue lost from residential investment properties.The data-matching program will target people failing to declare rental income or pay capital gains tax, and those incorrectly claiming deductions – including rental property loan interest – to reduce income and negatively gear properties.
The ATO said that “a significant driver of the gap is the incorrect reporting of rental property income and expenses”, telling Guardian Australia that “the rental component of the individuals’ tax gap is estimated to be $1.3bn”. It said the most common errors on rental tax deductions are: no or incorrect apportionment of the loan interest costs after refinancing for private purposes; claiming costs as a repair rather than a capital works deduction; and not apportioning expenses for private use of the property.
“We expect to collect data on approximately 1.7 million individuals each financial year for this program,” the ATO website said.
Multiple property sales resulting in various family members evicted during covid - ive looked at a LOT of rental property over the last 3 years. What became VERY obvious is landlords rarely update a rental. Disgusting 30yr carpet etc. Makes depreciation tax concessions a joke!
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