Tax office cracking down on property investors

Each year the Australian Taxation Office focuses on certain industry sectors and this year there will be a  crackdown on property owners and service providers.

This year the tax man is will be assisted by a treasure trove of searchable property data that has just gone online after decades of collecting dust on the shelves of state revenue offices.

“There’s been more data matching on property in the past two seasons than ever before, and it’s more because the states have managed to get online,” CPA policy manager Paul Drum told The Australian Financial Review.

Beginner investors watch out

New investors shouldn’t expect to get off easy , as the ATO has specifically mentioned new rental property owners and their obligations to complete their tax returns correctly.

[sam id=34 codes=’true’]

Same for High Net Worth Individuals

Along with expanding the number of high net worth audits from 680 to 1500, the ATO it is also focusing on:

“certain payments to contractors in the building and construction industry”.

“We have expanded our information-gathering capabilities to include more small business transactions, such as payments to contractors in the building and construction industry and capital gains from the sale of shares and property,”

 

What about Super Funds?

With more investors buying properties in their SMSF’s the Tax Office says there will be…

“a continued focus on SMSFs, including non-arm’s length transactions, which includes the transfer of property (residential or commercial) into an SMSF”.

………………………………………………………………………………………….

If you’re serious about property investment please join me and a group of property and tax experts at my upcoming Property Market and Economic Updates that I’ll be conducting in 4 states in August and September 2013

I will be presenting a heap of BRAND NEW content I haven’t discussed in public before. I guarantee there will be several things I reveal that you are not doing and you should be!

Click here now to get more details and reserve your seat.

Property & Econonomic Update

If you want to cut through all of the media hype, and all the contradictory predictions, and finally learn the truth (good and bad) about what is going to happen to the Australian property markets, this seminar is exactly for you…  Click here now to get more details and reserve your seat.

Michael Yardney

……………………………………………………………………………….

[post_ender]



Want more of this type of information?


About

Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been once agin been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'Tax office cracking down on property investors' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

0
0

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!