Property Investors Targeted for 2009 tax

Cash Flow Positive Property ==> NRAS - New Class of Rental Property

In its media release in August 2008, the Tax Office announced that investors will be targeted. The media release highlighted the following point in relation to investment activities:
  • Deductions for rental income increased by 11.8% in 2006-07 returns to 30 June 2008
  • We will focus on landlords who incorrectly claim deductions for interest or those whose claims for capital works exceed the construction expenditure
  • We will write to new investors to let them know how to report rental income and claim deductions, and people identified as being at risk of not complying

(Source ATO Media Release 2008/42)

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