Warning!Check Deductions

Excerpt from Accountants Daily:

Apart from work-related expenses, the Tax Office will also take a tougher stance around over-claiming of rental deductions and the non-declaration of rental income.

“Another big thing we would say, and it is important particularly this year, because we are getting more and more information in our data collection, and that includes information on rental income from accommodation and sharing platforms. So some people may not realise that renting out a room in their home, or renting out a unit on a part-time basis or even renting out their holiday home and they are not using it themselves,” Ms Foat said.

“That income is all assessable income and people may not sometimes think to tell their agents about that income, so that might be worth asking some extra questions on, particularly because we are starting to get more and more information. It will raise a red flag if that income is missed out.”

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