Major Crackdown on Dodgy Landlords Underway in Australia
The ATO is intensifying efforts to catch landlords who evade taxes using new data technology
Australia, Landlords, Taxation, ATO, Rental Bonds
Melbourne: The Australian Taxation Office is really stepping up its game against landlords who aren’t playing by the rules. They’re using some fancy new data matching tech to catch those dodgy landlords.
So, here’s the deal: the ATO plans to gather rental bond info from around 2.2 million people. This data will help them spot landlords who might be hiding properties and not reporting them.
They’re not just looking for tax evaders, though. The ATO wants to make sure everyone is paying their fair share. They’ll be collecting this data twice a year for the next few years to keep tabs on compliance.
An ATO spokesperson mentioned that this program is all about identifying property owners who might be missing their tax obligations. It’s a way to help everyone get their taxes right.
Interestingly, they’re also keeping an eye on foreign residents who own property here. They want to ensure they’re following the foreign investment laws too.
While the ATO is cracking down, they’ve found that a whopping nine out of ten property owners make mistakes on their tax returns. It’s a bit of a mess out there!
They’re trying to help landlords avoid these mistakes by reminding them of their tax duties. Many landlords are overclaiming deductions or just don’t know what they can claim.
Mark Chapman from H&R Block pointed out that landlords are an easy target for the ATO right now because of all the errors being made. Some folks might be trying to cheat, but many just don’t understand the rules.
He also mentioned that the laws around deductions can be super confusing. Just figuring out if something is a repair or an improvement can be a headache!
In short, the ATO is serious about finding those who aren’t complying. With all this new data, they’re ready to catch anyone trying to slip through the cracks.