New Tax Ruling - Investment property deductions

Hi All, read some where on SMH earlier in the year about new tax rulings:
As per below.

"Ïn bad news for housing investors, January 1 will herald the end of new home owners being able to claim the cost of inspecting and maintaing rental properties as tax deductible"

Does anyone know what they're referring to or can clarify? Thanks

 

Sounds like travel deductions -see Rental properties - claiming travel expenses deductions

 

Thanks Cadbury, yeah seen that one about travel.
But thought it was odd that the article mentioned "maintaining rental properties".. so thought to see if anyone here knows what it relates to.

 

what about properties under the corporate trustee? travel expenses won't be deductible?

 

corporate trustees of trusts are affected.

companies holding properties in their own right are not.

 

Hi Mike, what about the "maintaining the rental property" bit, any major changes there? Thanks

 

Doh! I can't claim those flight tickets, rental car as well as car running costs used for property hunting and management at all?

I will limit property hunting to SEQ only. Good bye Sydney! Good bye Melbourne.

 

you couldnt have claimed those type of expenses under the old legislation

 

Thanks for letting me know.. I think my accountant gave me too much expectations. been told I might be able to claim some of travel costs as expense.

 

Maybe time for a new accountant?
Marg

 

For property hunting no.

For management in proportion potentially.

But now no for everything.

 

There is no new ruling. From 1 july all travel deductions ended. Prior to this there was no deduction for capital expenses or buying a IP. Bad advice in the past means you had bad advice.