A number of tax incentives have recently been introduced or proposed by the Australian Government and some of the State Governments which are intended to increase the supply of new housing for rent.
In a bid to encourage home ownership in NSW, the state government has introduced the First Home Buyer Choice scheme which will allow eligible first home buyers a choice between paying an annual property tax or the traditional stamp duty
The Queensland Government has been forced to shelve land tax changes that would have seen investors who own properties in Queensland hit with significant land tax increases.
A recent random ATO enquiry program found that 90% of tax returns reporting rental income and deductions contained at least one error. So it comes as no surprise to learn that rental properties continue to be one of the main focus areas for the ATO.
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