Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

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!

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Media companies slam proposed reforms to Australian privacy lawsCoalition of organisations says changes would have ‘devastating impact on press freedom’ and are not in public interest Well let’s be honest. Australian media are already corrupt censored puppets that don’t report honestly. Basically just government propaganda fake news outlets. When the summation of press reporting is heavily saturated on left wing content like alphabet people, indigenous issues and climate change - don't come looking to us for support. You've given the finger to mainstream centrism for years and are crying foul now? Get F'd. How else can 60 Minutes pointlessly stalk and harrass the subjects of their stories if this comes into effect? Media companies, all take and no give. It's only okay for them to exploit others but not for others to bite back.
Source: GuardianAus - 🏆 1. / 98 Read more »