ATO waves a Red flag on holiday rentals
The ATO has reminded taxpayers that it is paying attention to rental properties in popular holiday destinations. Rental property owners should follow a few simple rules …… Declare your Rental Income. Only claim deductions for the period the property was available for rent. Keep accurate records and rent at market rates. Advertise to maximise exposure to potential tenants, and keep the property clean & maintained in a reasonable condition. Investors who purchase plant & equipm