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What to look out for?

ATO

The Australian Tax Office has warned of an increased
focus in 2010 – 2011 on taxpayers selling property

This is in light of recently raised concerns about the tax
implications relating to property investors, particularly in
relation to capital gains tax, income tax, and GSTissues.
Issues include property investors claiming rental and share
investment expenses they are not entitled to or cannot
substantiate; a failure to declare capital gains on the sale of
investments; and the incorrect reporting of rental and
dividend income in tax returns particularly amongst first
time investors.

The ATO also warned taxpayers to make sure they were
correctly reporting property transactions (including
transfers, sales and purchases) on income tax returns and
BusinessActivity Statements (BAS).
In the financial year ended 30 June 2010, the ATO
conducted 3,250 GST reviews and audits that directly
related to property transactions, and subsequently raised
net GSTliabilities of approximately $195 million.

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