The ATO has released new draft guidance tightening the tax rules for holiday homes, meaning many owners may no longer be able to claim deductions for holding costs like mortgage interest, rates and insurance unless the property is mainly used to produce rental income. While the change may seem technical, it signals closer scrutiny of whether holiday homes are genuinely available for rent, particularly during peak periods.

ATO cracks down on illegal sales suppression tech. Ensure compliance & protect your business with Pointax's expert guidance.

Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting...