The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as:
The ATO says taxpayers with property should keep accurate and complete records where they:
In addition, when it’s time to lodge, taxpayers should remember:
It is only possible to claim expenses for:
– periods when the property is genuinely available for rent; and
– travel related to renting property, if the taxpayer is in the business of letting properties.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.