ATO cautions first time investors
The Australian Taxation Office will be carefully monitoring this financial year, as with previous years, rental property expenses in tax returns.
It was often first-time landlords who got their claims for rental property deductions wrong, Tax Office assistant commissioner Karen Anstis told Fairfax Media.
A common query may arise for claiming rental deductions for a property that was not genuinely available for rent.
Another mistake was overstating the deductions on the interest on the mortgage.
Karen Antis said the Tax Office had increasingly sophisticated technology for identifying excessive claims.
The lodgement deadline for returns is 31 October, 2014 for those filing their returns themselves.
Those lodging through a registered tax agent are usually eligible for a later deadline of up to May 2015.
