What's claimable and sets off warnings and audits at our nation's tax office is an annual and ever-evolving hitlist. In 2022 the ATO dial is set to 11 for residential property owners and investors.

Before you find yourself in an expensive dual with the taxman to prove your innocence, they have offered up a Rental Properties Guide to explain how to claim any rental income and expenses or more than 230 residential rental property opportunities you can utilise.

Download your copy (below) of the ATO guide for information for owners of rental property in Australia to aid in determining:

• Rental income is assessable for tax purposes

• Expense allowable deductions

• Records you need to keep

• When you sell your rental property.

There's no rush to lodge this year!

The "pre-fill functionality is still collecting data, and waiting a few weeks can make lodging your return online faster and without any follow-up hassle due to missing docs.

Tax obligations, including income, capital gains (CGT) and goods and services tax (GST) in property include can include:

• Buying and Selling

• Renting out

• Investing

• Reno for profit or property flipping

• Developing

The ATO recommends businesses only claim what's entitled.

Depending on your business structure, each has entitlements and differing obligations for companies, sole traders, partnerships or trusts etc.

The ATO accepts valid business deductions:

• Expenses for business, not private use

• Mixing business and private? Claim the business portion only

• Records must prove it, or you can be found guilty.

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