What To Do if You’re Audited

All Australians dread the thought of an A.T.O. audit, and property investors are no different. Here are some tips should you ever endure such an unfortunate event.

  • Don’t panic. Most audits are triggered due to a minor anomaly. You are innocent until proven guilty.
  • If you have done the wrong thing, fess up and limit the damage and penalties.
  • Keep receipts and have them ready for the tax office.
  • Make sure you have a depreciation schedule from a quantity surveyor for each of your investment properties.
  • Have a 13-week log book for motor vehicle expenses.
  • Seek professional advice from a tax lawyer/accountant that has experience in tax audits.
  • Prepare documents in advance – bank statements, records, invoices and receipts.

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