Hi,
Has anyone been subject to ATO Tax Audit as a property investor? What they are looking for?
How good do you keep your accounts?
Any feedback appreciated. Always good to hear some real life experiences.
The term “triple bypass rectal surgery with the rough end of a pineapple” comes to mind.[blink]
Like most things in life, one can purchase insurance to cover against such events, but believe insurance only applies to advisers costs – not penalties and back payments.
Keep good records, be conservative in your approach and be roughly guided by your accountant.
The ones getting audited are the taxpayers that don’t fit the ATO “bell curves”…i.e. don’t be extraordinary, outside the 2 sigma range in which they analyse data.
Cheers,
Dazzling
“Go hard or go home”
HI Cutegirl,
If you are going to be a successful property investor you need to approach paperwork with a ‘professional approach’.
Ensure all pieces of paper are filed appropriately, keep full and detailed records for the required number of years and engage a savvy accountant who will ensure you push the envelope while remaining within the ATO legislative requirements.
Derek
[email protected]
0409 882 958
Property investment advice and researched property in quality locations available.
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