Inland Revenue Department Assistant Commissioner said that in the 2019-2020 real estate investor tax returns that he chose to review, 70% of the tax returns must be adjusted. On average, the correction of each tax return is about It is 4,500 Australian dollars.
"Some people are really wrong, but some people are doing it deliberately," he said.
ATO data matching usually checks the investor's tax return in real time before the investor submits the tax return, and finds deductions or income that seem unusual compared to the typical return.
Tim Locke said: "Every tax return is scanned."
He said that use of property management company data complements its existing third-party data sharing arrangements with leasing bond agencies and accommodation sharing platforms such as Airbnb.
"We are expanding the rental income data we obtain directly from third-party sources," and "we are obtaining information about weather is chess good for kids
They said that the most common mistake made by rental properties and vacation home owners is to neglect to declare all income, including capital gains from the sale of the property.
