Rental property mistakes continue to be one of the main focus areas for the ATO this tax time. Along with the usual emphasis on including all the income, with all the natural disasters Australians have been experiencing, the ATO has reminded taxpayers that insurance pay-outs may also need to be included. On the expenses side, the ATO warns against including interest related to redraw to purchase a private asset, and immediately deducting the cost of capital works or depreciating assets costing more than $300.
Click to read our article: Tax time focus on rental properties. (1.60 MB PDF)