As of the 15th of November 2017, a dramatic change has been made to rental property legislation in Australia.
Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017, which means a common deduction Australians have used for years on their rental property income, may no longer be available.
Any owners of a second hand rental property (that is, properties that the current owner was not the original owner), will be unable to claim a deduction against the rental income for depreciation of plant and equipment assets.
This includes items such as existing air conditioners, solar panels and carpets.
Have a look at the below video from BMT Quantity Surveyors detailing the changes.
Should you have any questions or concerns in regards to current or potential properties you own, feel free to contact the team at MP Tax who will be able to make sure who claim everything your entitled to.
Video was originally posted by BMT Quantity Surveyors. All rights reserved.