Reported in Domain 14th Mar 2019, almost nine in 10 property investors who claim tax deductions on their rentals are making errors, new research shows. Investors are in the crosshairs of the Australian Taxation Office, which is turning its focus to the incorrect property claims made at tax time.

Tax commissioner Chris Jordan said that the ATO had been making random inquiries about tax returns. “Our auditors have now completed over 300 audits on rental property claims and found errors in almost nine out of 10 returns reviewed,” he said. “We’re seeing incorrect interest claims for the entire investment loan where it has been refinanced for private purposes, incorrect classification of capital works as repairs and maintenance, and taxpayers not apportioning deductions for holiday homes when they are not genuinely available for rent.”

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Melbourne-based bill payment AI company Gobbill has kicked off a $2 million early-stage fund raise, receiving expressions of interest for half the round with a number of its users showing interest in investing.

The company, which recently signed a deal with ASX-listed iSignthis for payment processing, has seen payment volumes jump 375 per cent last quarter compared to the same time last year.

“Our system users and people we know have asked us over the last three years for an opportunity to invest before we grow too big,” CEO and co-founder Shendon Ewans said.

“And secondly we have just signed key partnerships with iSignthis and myprosperity that will accelerate our business growth, meaning we require the additional capital to run the business faster.”

Founded in 2015, Gobbill protects users from online scams and late fees by scheduling and automating bill and invoice payments. It also helps them maximise discounts and secures their credit-rating scores; and allows small businesses to have the additional benefit of invoice digitisation, scheduled payments and synchronising data with their ­accounting software.

Gobbill pays bills issued from any Australian provider, including utilities, telecoms, council rates and insurance.

It currently operates predominantly across Australia’s east coast but in the next 12 months plans to launch in the UK.

The Australian