Now's about the time that you'll be putting together your tax return for the 2011/12 financial year. But what do you do if ATO comes knocking to make sure that all of your property investment deductions are genuine? Don't panic, Your Investment Property offers 10 bite-sized tips to get you through the audit process.
• Don’t freak out. You are innocent until proven guilty
• If you have done the wrong thing then fess up to the ATO straight away and limit the damage
• Keep your receipts and have them all in order and ready for the tax office
• Make sure you have a depreciation schedule from a quantity surveyor if you are claiming depreciation for rental properties
• Have a 13-week log book for car deductions
• Seek professional advice from a tax lawyer/accountant who has experience in dealing with ATO tax audits
• Get everything prepared in advance – bank statements, records, invoices and receipts
• Be honest, and explain anything relevant in as timely a fashion as possible
• Don’t sign anything until you fully understand the document, and agree with the conclusions that it has come to
• If necessary, seek a payment plan or a retraction of penalties
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out