There are 2 main areas that the proposed 2017 Budget will impact Landlords.

1 Changes to rental property depreciation deduction.

From 9 May 2017, a client who purchases an investment property will not be able to claim tax deductions on plant and equipment that have been installed by a previous investor. An investor will only be able to claim on costs for items they incur themselves.

All tax depreciation schedules set prior to May 9, will be grandfathered.
Please note, all property management fees remain deductible.

2 No deductions for travel to inspect, maintain or collect rent for your property.

From 1 July 2017, taxpayers will no longer be able to claim travel expenses such as their car and flights that relate to inspecting, maintaining or collecting the rent. While we agree this is unfair to those who genuinely need to view their properties in order to make capital improvements or fix issues caused by fair wear and tear over time, we do have a solution for you. If you wish to inspect your property, but cannot be present for the inspection, talk to us about streaming a live video of your property to you. There’s plenty of ways we can let you ‘see’ your property.

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