Tax Office Audit of Rental Properties 2009

Last year more than 1.4 million people claimed over $25 billion in rental deductions in their tax return. Over 200,000 of these people were claiming deductions for the first time.With so many people claiming deductions the Tax Office is continuing its focus in this area to ensure they get the claim right.

This year the Tax Office will write to around 110,000 people who have purchased rental properties in the past 12 months with advice on claiming rental property deductions.

We have received notification from the ATO regarding forwarding these letter to clients with a draft letter. Te focus is on interest deductions, asking taxpayers to check their records. No other follow-ups are expected from the ATO relating to these letters.

Copyright 2014. My Tax Zone.