Physiotherapist Wealth Acceleration ┃ Physiotherapist Tax Reduction ┃ Physiotherapist Retirement Planning ┃ Physiotherapist Property Strategy ┃ Physiotherapist Structure Optimisation
Are You A “Fixer -Upper”? A recent release from the ATO reported the majority of rental property owners had their tax returns amended, despite 86% of these returns being prepared by tax agents. The main reasons for the amendments to rental property owners tax returns were as follows: 1. Borrowing costs claimed outright 2. Assets being claimed as repairs 3. Claiming interest on loan draw downs for private purposes 4. Lack of documentation to substantiate the claim As the Commissioner of Taxation has stated “don’t rely on things you hear at a Sunday afternoon BBQ”. Rental properties are tricky and the information about taxation claims on the net is voluminous. If you wish to discuss the ins and outs of rental property investing, please do not hesitate to contact us for an obligation free chat.