Patane Accounting Pty Ltd is a CPA Practice

P. (08) 9721 1055 | F. (08) 9721 1033 | | 31 Victoria Street BUNBURY WA 6230

Personalised service & advice you can count on!

CPA tax news

The latest CPA tax news;

 

ATO Focus on holiday homes

The ATO will focus on deductions claimed for rental properties in popular Australian holiday destinations this tax time, having identified many incorrect claims for holiday homes by investors last year.

Assistant Commissioner Kath Anderson has reminded holiday home owners that they can only claim tax deductions for expenses made during a period when the home is rented out or genuinely available for rent.

She also said if they rent their property at a discounted rate, or “mates’ rates”, they can only claim deductions equal to the amount of rent charged. She also reminded all rental property owners that they should declare all rental income, keep an accurate record of expenses, and strong evidence of the property being rented or genuinely available for rent at market rates. She said “advertising through a real-estate agent or an online site is not always enough evidence to demonstrate that a property is genuinely available for rent”.

You can visit the ATO website or contact our office on 97211 055 for more information.

 

 

Click for past CPA tax news.

Free business consultation

(to be confirmed prior to meeting)

Sometimes the only way to understand a person’s business or financial situation is by meeting face-to-face.

All new clients or people looking to speak with an accounting professional are offered an initial consultation with the first hour at no charge.

If you have some concerns and wish to take advantage of a confidential personal discussion simply call 08 9721 1055 to arrange a meeting.

Book Your Free business consultation

  • This field is for validation purposes and should be left unchanged.
  • Keep updated with new ATO Alerts