Property Investors on Alert with ATO Tax Traps

Property Investors on Alert with ATO Tax Traps

Due to the fact that in the 2020 tax year, $38 Billion has been claimed by Australian owned investment properties, the ATO have advised taxpayers of some of the common issues that can delay refunds, or cost taxpayers money in ATO audits. 

The items that happen on regular basis, are taxpayers not declaring all of the rental income they have earned, or forgetting to include capital gains on the sale of their investment properties.  The ATO track these property sales, and is likely to request further information if these items have been omitted in incorrectly reported in the tax returns.