ATO Cracks down after surge in claims
The ATO will be targeting more than 110,000 rental property owners who were identified as making incorrect claims in last year’s tax return. There has been a surge in rental property deductions in recent years as investors seem to prefer the real estate market to the share market. ATO’s assistant commissioner of client services and assistance, Graham Whyte said expenses can be claimed only for the portion of the year where the property is rented or available for rent and cannot include expenses incurred whilst the owner occupied the property. The tax office will target the work related expenses of 218,000 building and construction workers and sales and marketing managers due to the occurrence of incorrect claims being high last year. Taxpayers do not seem to be separating private expenses from legitimate work-related ones. Claims should only be made where the expenses are incurred to earn an income.
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