Year end Tax Planning – Tips for Property Investorschandra
With the hot property market, particularly in Sydney, new investors have entered the market.
With the hot property market, particularly in Sydney, new investors have entered the market. Others who have been in the market have taken opportunity to sell out of mediocre properties at a profit and re-invest in properties with improved potential. This is facilitated by the very low interest rates.
An ever vigilant and active ATO, has been pursuing tax debts faster and harder as they outsource their debt collection. ATO has also conducted a project chasing up substantiation of ‘Borrowing Expenses’ for 2012 year. If unable to substantiate with documentation, tax returns have been automatically amended. This highlights the need to keep records, summarised and original. ATO has also pursued people with undeclared foreign income including rental.