Australia's concerns that property investors are passing off renovations as repairs in order to claim tax rebates is not mirrored here, the Inland Revenue Department says.
Wednesday, June 25th 2003, 6:18PM
by The Landlord
The Australian tax office is cracking down on landlords, who together claim more than $12 billion a year in tax deductions from rental properties.
With the number of landlords in Australia swelling, the tax office warned those squeezing too much out of their rental property would come under scrutiny.
Property has also been the preferred choice of investment in New Zealand of late, but the IRD said it used various techniques to identify cases that needed auditing. These ranged from analysing individually claimed items to full investigations of individual's affairs.
