ATO issue a warning on holiday homes (7 June)

Discussion in 'Accounting & Tax' started by Ross Forrester, 8th Jun, 2017.

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  1. Ross Forrester

    Ross Forrester Well-Known Member

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    The ATO has issued a media release (Homing in on holiday homes) warning people on tax claims for holiday homes.

    I find the tax treatment of holiday an ongoing surprise for many new clients when they discover that renting homes at a discounted rate can jeopardise their tax deductions.

    The last comment by the ATO was the most interesting:

    Advertising through a real-estate agent or an online site is not always enough evidence
    to demonstrate that a property is genuinely available for rent.

    I recall one guy who had an advert running with his phone number listed. The problem was that the mobile phone was for that purpose only and never turned on....
     
    Ross Forrester, 8th Jun, 2017
    #1
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  2. wombat777

    wombat777 Well-Known Member

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    That's a phoney listing :p
     
    wombat777, 8th Jun, 2017
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  3. D.T.

    D.T. Specialist Property Manager Business Member

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    This bit is a very good point. Lots will put the ad up then start doing repairs but it'll catch up with them :)
     
    D.T., 8th Jun, 2017
    #3