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Homeowners warned as new ATO crackdown takes effect: 'Slipped under the radar'
Australians with a second home are being urged to make sure they are aware of a new approach from the ATO as rules tighten about what homeowners can claim at tax time. A new, stricter interpretation of existing provisions means that owners could be caught out when trying to claim expense deductions they lodged in previous years.
Susan Franks from Chartered Accountants Australia and New Zealand (CA ANZ) said the new approach from the ATO "is a major shift" for hundreds of thousands of taxpayers with a holiday home which they periodically rent out. The group is warning owners may need to rethink how they make their home available after the new rules began last month.
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