Are you leasing your property through an online platform such as AIR BnB? If yes, then beware!
The ATO is in the process of data matching any income that you receive from AIR BnB and what you have declared in your tax return.
These are actually obligations that you should already be meeting. However, if you have overlooked this income, be sure you add it!
A tax depreciation schedule is a cost effective, legal way to reduce your tax liability. Many items in your property, including furniture, qualify for depreciation.
Depending upon the age, when you purchased the property, and the percentage of time that the property is available for lease, there may be a substantial claim available to you.