Tax Time 2022: focus on rental property income and deductions

Income and tax deductions from rental properties is one of the 4 key areas the ATO is focusing on this tax time.

The ATO says this is an area that is easy to get wrong and needs extra care when lodging. The ATO Random Enquiry Program has found that 9 out of 10 tax returns that reported rental income and deductions contain at least one error, even though most of those property owners were assisted by a registered tax agent.

The ATO is therefore urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this tax time, and for registered tax agents to ask a few extra questions of their clients.

Assistant Commissioner Tim Loh said that rental property owners are urged to ensure they know what income they need to declare and what can be claimed as a deduction.

For more information and help. Please contact our office at 0447 944 885.