by Sanjeev Sah | Sep 26, 2023 | Market Updates

The Australian Taxation Office (ATO) has advised landlords to take extra care when lodging their tax return this year. 

ATO assistant commissioner Tim Loh said that the tax office often saw errors, such as rental income being left out, or mistakes being made with property-related deductions.  

“Income and deductions must be in line with a rental property owner’s ownership interest, which should generally mirror the legal documents,” he said. 

Mr Loh also reminded rental property owners not to double dip their deductions.

“Make sure you are declaring your gross income. We have seen some clients declaring their net rental income after the property manager has paid their expenses and then they have claimed deductions like rates and repairs all over again.”