Tax Shield

Investment housing in the line of fire

Date: 5 August 2005 Source: Malcolm Maiden, The Age (Melbourne)

The Australian Tax Office has outlined its plan of attack for the year, and deductions claimed against house rental income are near the top of the hit list, with more than 3000 audits expected. Medium-sized business (revenue of $50 million to $100 million) is also in the ATO's sights.

The tax office focused on big-company tax last year, and pulled in an extra $6 billion, and ATO boss Michael Carmody says this will continue to be the ATO's main area of scrutiny. But he also signals a crackdown on the investment housing market.

If you own an investment property, ask yourself the following questions - and hope you have the correct answers.

The ATO's probe of investment property claims is part of a continuing crackdown on residential property investors, who are also feeling the heat from falling property prices.

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