The ATO says its property page is a 'one-stop' webpage on its website for easily assessable information relevant to all property related transactions. The Property page can help taxpayers and the community better understand their tax obligations at different points in the lifecycle of acquiring, owning and selling property.
The property page contains information on topics including:
- Buying, selling and renting property
- Inheriting a dwelling
- Vacant land
- Property development, building and renovating
- Property used to run a business
The property webpage should be the first port of call for anyone involved with property transactions and the ATO encourages taxpayers to take advantage of these resources. Having the right information is the best way to ensure business transactions are reported correctly and the risk of penalties is reduced.
For more information, visit the property page here