ATO employs new tools to scrutinise rental property market
The Australian Tax Office is ramping up scrutiny of the rental property market in a bid to stamp out rorts, and from next year will begin approaching real estate agents for information, reports The Australian.
New depreciation laws came into effect earlier this month, in one of the most dramatic changes to property depreciation legislation in more than 15 years.
Bradley Beer of BMT Tax Depreciation says the benefits from claiming more depreciation could be reduced if they incur penalties from the ATO for failing to lodge their tax return on time.
BMT has created a list of assets that property investors commonly overlook when claiming depreciation, including garden sheds, exhaust fans, garden watering systems, garbage bins, intercom systems, door closers, and shower curtains.
REIWA calls on state government for reforms to stimulate property market
The Real Estate Institute of Western Australia has made a submission to the WA state government ahead of the 2017 budget, calling for a range of reforms to stimulate the WA property market.
The Australian Government has released draft legislation for public consultation that provides property investors with the opportunity to have their say around proposed changes to depreciation deductions that were announced in this year’s Federal Budget.
