Tax tips for investors
June 25, 2012 Leave a comment
Tax time can cause great anxiety for investors, who unwittingly make claims they are not entitled to, getting themselves into deep water with the Tax Office. First National Real Estate Bribie Island offers these helpful hints to assist property investors to capitalise on their allowable deductions and avoid unwanted interest from the tax man.
“Property is an increasingly popular form of wealth creation for many Australians, but often they lack the accounting and financial knowledge to know what it is they are entitled to claim, or how much they can claim and what is not an accepted tax deduction,” Lyn Petrohilos, principal First National Real Estate Bribie Island, said.
“The ATO monitors property investor claims and often issues warnings or notices of the types of common mistakes made, so investors should at least visit the ATO website.
“Reports say more than 1.5million people claim in excess of $24billion in rental deductions in a year, which explains the ATO’s interest and focus on monitoring rental property deductions.”
Source: Bribie Weekly, Bribie QLD by Lyn Petrohilos, 08 Jun 2012