Rental property return errors

Nine in 10 rental property owners are getting their return wrong, according to the ATO, which is encouraging rental property owners and their tax agents to take care when lodging their returns.

Errors observed by the ATO include rental property owners double dipping in their deductions. Other areas of concerns are: how interest expenses are apportioned; deductions claimed for initial repairs as opposed to ongoing general repairs and maintenance; and apportioning of deductions for rental expenses when the property is used personally.

If you need any assistance with lodging the rental schedule, please free free to contact us.