The ATO announced in May 2023 that they are focussing their attention on the following areas for Individuals:

• Rental Property Deductions: especially interest calculations and AirBNB type accommodation
• Capital Gains Tax: again especially if a property has been used for AirBNB type accommodation
• Cryptocurrency Gains
• Working from Home Costs: extra focus on substantiating the number of hours spent working from home.

Negatively Geared Property Investing

Negatively geared property investing remains the number one tax saving strategy and a powerful strategy for wealth creation. If you already have an investment property, consider pre-paying interest on the investment loan to supercharge your tax deductions. Also ask me if depreciation tax deductions are being maximised for your investment.

If you are considering property investing, talk to me about ideal ownership structuring, loan structuring and whether a depreciation report for the investment would be worthwhile.

Also remember to consider Land Tax.

Lodge Earlier, Rather than Later

If you are expecting a tax refund, why wait to get your information to me. The ATO will not pay you interest or reward you for letting the government hang on to your money.

Get in touch with me as soon as you believe you have all of the documents you think you will need to give me to prepare your tax return.

If you expect to have tax to pay, it is still a good idea to get your tax return prepared earlier rather than later, because it will clarify how much tax you need to pay, and the due date, and we can always delay lodgement of the tax return as much as possible.