Hornsby Tax Accountant

Nine out of ten rental property owners are getting their tax returns wrong. This is according to the Australian Taxation Office (ATO) which has issued a warning to landlords to take care when submitting their tax returns.

According to the ATO, around 87% of landlords use a tax agent, so it is important you provide your agent with accurate and up-to-date information.

The ATO has reminded landlords that rental income must be included in the year the tenant pays, not the year the agent handed the money over.

In good news for businesses, inflation is continuing to decline – and, in some cases, prices are actually going backwards.

 The annual inflation rate fell to 4.9% in July, compared to 5.4% in June and 8.4% in December (see graph), according to the Australian Bureau of Statistics. That means prices throughout the economy as a whole are continuing to increase, but at a decreasing rate.