The property management data-matching program will allow us to identify and address a number of taxation risks, including:
- income tax – confirming correct reporting of rental income, rental related income, rental expenses and associated deductions
- capital gains tax (CGT) – getting capital gains right when selling properties used to generate income
- lodgment – ensuring owners of rental properties are lodging tax returns.
A guide explaining how to treat rental income and expenses is available at Residential rental properties.
A series of short videos to help owners of rental properties understand their record-keeping and tax obligations is available at Owning and renting a property or holiday home.