Investors – Have Your Say!
In an excerpt from the Housing Tax Integrity website; “From 1 July 2017, all travel expenditure relating to residential investment properties, including inspecting and maintaining residential investment properties will no longer be deductible.
This change will not prevent investors from engaging third parties such as real estate agents to provide property management services for investment properties. These expenses will remain deductible.”
The other proposed changes will limit plant and equipment depreciation deductions for investors in residential investment properties to assets not previously used. This will include items such as dishwashers and ceiling fans.
Plant and equipment used or installed in residential investment properties as of 9 May 2017 will continue to give rise to deductions for depreciation until either the investor no longer owns the asset, or the asset reaches the end of its effective life.
The Government has asked for public consultation on the exposure draft legislation which will end on Thursday, 10 August 2017.
I urge all investors to have their say on these changes. While the changes may not affect you now, they will affect your future property purchases. The full proposal changes and how to have your say can be found HERE.
To submit your suggestions/ideas please email housingtaxdeductions@Treasury.gov.au