Another financial year has come and gone and soon it's tax time once again. For most property investors, commercial or residential properties alike, the thought of having to complete a tax return is onerous but necessary.
To make things worse, the tax return has evolved in complexity to such an extent that the correct preparation of the entire return without enlisting the assistance of a tax professional is virtually impossible if your financial affairs involve more than just the run of the mill salary and wages.
On top of all that is the unthinkable ramifications of getting the tax return wrong, which has the potential of attracting the unwelcomed attention of the dreaded tax office.
To help you and your tax advisor avoid some of the pitfalls in preparing tax returns for rental properties, here is a list of the 10 most commonly made mistakes people make on their tax returns in respect of their properties. These will hopefully help you avoid some of the pitfalls in the course of preparing this year's tax return.
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