Business Services Industry
Tax office targets property investors.
Australasian Business Intelligence, April, 2003
Apr 27, 2003 (The Sunday Telegraph - ABIX via COMTEX)
The Australian Taxation Office (ATO) is planning to pay close attention to deductions for investment properties. Paul Drum, of CPA Australia, warns against confusing a rental property with a holiday home rented out for a short time. Deductions to improve a property for rental purposes are not allowed either, Drum says. An ATO spokesman says that 10,000 taxpayers have been selected for a review of investment property deductions. However, Nick Renton, author of "The Income Tax and Investment Guidebook", says that investment properties do give rise to a large number of legitimate tax deductions.
Publication Date: 27 April 2003
AUSTRALIAN TAXATION OFFICE:
CPA AUSTRALIA
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