June 13, 2013

Australian Taxation Office (ATO) targeting more than 110,000 rental property owners

The Australian Taxation Office is targeting more than 110,000 rental property owners who have been identified through last year's tax returns as making incorrect claims.

A team within the office known as ''the doctors'' is using sophisticated analytical techniques, including data mining, to identify unusual patterns of claims. It is also targeting work-related expenses.

Rental property deductions have surged in recent years as investors prefer bricks and mortar to shares.
For the 2010-11 year, the latest for which data is available, almost $39 billion was claimed by landlords in deductions, an 18 per cent rise on the previous financial year.

canberratimes.com.au

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