ATO Rental Properties Guide 2024 and Warning on Double-Dipping mistakes
The Rental Properties Guide 2024 helps Australian rental property owners understand:
- Taxable rental income
- Allowable expense deductions
- Record-keeping requirements
- Selling rental property
It details which expenses are deductible, how to apportion partially deductible expenses, and the timing for claiming deductions, including those spread over multiple years like depreciating assets and capital works. We hope you find this guide valuable.
In addition to the Rental Properties Guide, we are enclosing another useful document that rental providers could find handy during tax time: Avoiding double-dipping mistakes when claiming maintenance and repairs.
As published on ABC News in May 2024 (opens in new tab), The Australian Tax Office (ATO) revealed Australians with rental properties were one of three groups under scrutiny, after findings that nine out of ten landlords were making mistakes on their returns. The ATO estimates a recent trend of “double dipping” on expenses and other tax return errors could be costing Australia $1.2 billion in its tax take.
* Both documents enclosed in this article have been authored and published by the Australian Taxation Office (ATO)
