Victorian State Budget 2019

Victorian State Government Budget – 27 May 2019 The Victorian state government recently handed down its annual state budget and there are a number of changes that will impact both business and investors. A summary of the key items is as follows. Payroll Tax The government’s three key changes are: Increase in the tax-free threshold…

Rental deduction audits

ATO doubles rental deduction audits In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions and the Australian Taxation Office (ATO) thinks that is too much – one in ten is estimated to contain errors. 4,500 audits of rental property deductions will be undertaken this year with the focus…

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Dodgy rental property deductions

Tax Office to double audits of dodgy rental deductions Rental property owners are being warned to ensure their claims are correct this tax time, as the Australian Taxation Office (ATO) announces it will double the number of audits scrutinising rental deductions. In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions.…

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Rental property tax deductions

Expenses you can claim You can claim a deduction for your related expenses for the period your property is rented or is available for rent. management and maintenance costs, including interest on loans, can generally be claimed immediately (that is, deducted against your current year’s income). borrowing expenses, depreciation and capital works spending can be deducted…