In early July, the Turnbull government released draft legislation and explanatory material for the housing affordability and tax integrity measures announced in the 2017-18 Budget, with submissions to the draft legislation closing on 10 August 2017.
The proposed legislation means that property investors will no longer be able to claim travel expenses to inspect residential investment properties, in addition to limits to the depreciation deduction claims for investors on properties purchased after 9 May 2017.
Property investors need to be aware that irrespective of when you bought your property, you will no longer be able to claim travel for visiting and inspecting rental properties as it is a total outright ban on deductibility.
Whilst the limits to plant and equipment deductibility will only be applicable on properties purchased after 9 May 2017.
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Information provided in this article is general in nature only and does not constitute personal advice. The information has been prepared without taking into account your personal objectives or needs. Before acting on any information in this article you should consider the appropriateness of the information having regard to your objectives and needs.