Tax Office To Check On Property Investors

This year the tax office will breathe fire on property investors. Each stratum of investor- newbie, mid-sized portfolio holders, investors high on net worth- will be covered in the crackdown, says Michael Yardney in an article for the Property Update.

After all, the Tax Office has found its talisman- a vast repertoire of property data that was lying with the State Revenue Office for long. The records collected online can help in tackling the logistic challenges of such a big crackdown.

Being transparent and morally correct is the way out of the situation. If you are a new owner of rental property, file your returns carefully and in time. If you are a high net worth individual, remember that audits for your hierarchy have shot up from 680 to 1500.

Ambiguous payments made to contractors, nepotistic dealings made with kith and kin, and subtle transfers made via SMSFs, may all stand in the line of tax penalties.

You can read the whole article here.

Are you an expat investing in Australian properties? Have you checked with the Tax Office?