The ATO has issued a warning to property investors this tax time following rental income and deduction errors found in over 70 per cent of tax returns audited last financial year.
The HomeBuilder scheme is a time-limited, tax free cash grant intended to support the residential construction industry during the COVID-19 pandemic, but it does come with an extensive eligibility criteria.
Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.
Understandably, there is a lot of hype around negative gearing. It is a highly beneficial investment strategy, after all.
The amendments are not only retrospective but go beyond purely vacant land.
Most importantly, the accountant and broker should have a strong relationship because the two areas are much intertwined.
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties.