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The ATO is writing to owners of houses and units in popular holiday areas reminding them of what can and cannot be claimed as a tax deduction for their holiday properties.

This follows several audits where property owners were found to be claiming expenses incorrectly, resulting in substantial deductions being disallowed.

Common ‘mistakes’ were:

  • Renting out a property to friends and family at a reduced rate and yet still claiming the regular deduction
  • Claiming advertisement costs, yet only ‘advertising’ through word of mouth through family and friends
  • Husbands and wives not dividing up the deductions for the share investment equally
  • Claiming maintenance costs shortly after the property is purchased

For further information, click here.

Still not sure if you’re able to claim it? Please contact our office.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.