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phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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ATO cracks down on holiday homes

Posted on Jun 1, 2015 by CFL Financial

The ATO is targeting holiday-home owners who are over-claiming on tax deductions for periods when their property isn’t being leased.

Some owners have been rejecting tenants so that their holiday home is available for them to use. They provide their accountants with authority to rent documents to make it appear that they are trying to rent the house. They then use the tax deduction to claim ongoing property maintenance costs to upkeep it for potential tenants.

For example, an investor rented out their holiday home to friends and family at a lower-than-market rate and tried to claim a deduction.

The ATO has risk detection models in place to alert them when taxpayers have unusual rental income and deduction patterns compared to taxpayers with properties in similar locations. The tax office is advising investors to keep thorough records and only claim on a deduction when they have made a reasonable effort to get tenants in their holiday home.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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