According to Australian Taxation Office (ATO) second commissioner Jeremy Hirschhorn, nine in 10 sampled tax returns reporting net rental income required adjustment last year.
“Currently, rental income and deductions contributed over $1 billion to the net tax gap. In the 2020/21 tax return – as of 30 June, 2022 – over 2 million rental property owners declared over $45 billion in income and about $43 billion in expenses,” Hirschhorn said.
“The Random Enquiry Program that helped determine this estimate showed that nine out of 10 returns reporting net rental income required adjustment. This is startling and clearly something we need to address.”
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