ATO is contacting Residential Investors – BEWARE!
The ATO has issued an early warning again this year. As tax time is nearing to an end for EFOY16 (yes that was quick), the ATO is reminding all residential property and holiday home investors to get in order your deductions as they intend to review this sector for discrepancies. Refer to the following link: : https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Deductions-for-rental-property-owners/?tpissue-10-2016
In particular, all your expenditure and capital allowances must be recorded, apportioned correctly and accurately in accordance with the current legislation. If you have made some profit in selling your investment property this financial year, the transaction may have resulted in a capital tax gains (CGT) event, and if not treated properly could result in a larger tax payment due than originally thought. You must also have sufficient evidence your property was income producing thus providing you a trigger to claim any deductions. Refer to the following link for a detailed explanation of what you may require for EOFYS 2016 on your residential property: https://www.ato.gov.au/General/Property/Residential-rental-properties/ Continue reading
The event was very well supported with well over 85 yachts racing, with 7 of them also being entrants for the Rolex Sydney to Hobart race.
Beautiful weather and 15 knot winds provided a perfect backdrop for an excellent day of sailing as the 6th place overall is testament.
We raced on ‘Margaret Rintoul V’ which is 61 foot maxi cruising and racing yacht. After dropping anchor for lunch at the idyllic Manly Cove, it was then practice time – under the professional guidance of our crew, before the start of the race.
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