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Lend2U Finance - 04 May 2023
Property investors have been put on notice, after the Australian Taxation Office (ATO) said it would scrutinise their tax returns in an attempt to claw back an estimated $1.3 billion in missing taxes.
The ATO told The Guardian that it would use “formal information gathering powers” to compel 17 financial institutions – including all the big four banks – to provide data on approximately 1.7 million property investors.
That would allow the ATO to assess all the income an investor had earned and all the expenses they'd incurred over the course of a year, and to then compare that with their tax return.
According to the ATO, the most common tax mistakes that property investors make are:
That’s why it’s generally a good idea for property investors to get professional help when filing tax returns. If you’d like to be introduced to a trusted accountant, reach out and I’ll be happy to recommend someone.
“Hi we recently used Lend2u Finance to purchase an investment property in Queensland. Michael gave us fantastic service and went out of his way to help us in every way. He always answered all of our questions patiently and thoroughly and answered our emails and phone calls promptly. Michael had great information about the best banking deals around and offered us a range of products to choose from. I would thoroughly recommend the services of Lend2u Finance. ” Julie & Dave – SHEIDOW PARK, SA