Do you own or are you looking to purchase a residential rental property?

As of the 1 July 2017 owners of residential property will no longer be able to claim the following deductions:

  1. Travel expenses incurred in relation to inspecting, maintaining or collecting rent for a residential property will no longer be deductible.
  2. When purchasing an existing house, in addition to the physical structure, investors also acquire the fixtures and fittings attached to the building (lights, fans, air-conditioners etc). Previously, the value of these fixtures and fittings could be calculated and depreciated over time as a deduction. As of 1 July 2017 depreciation on these second-hand fixtures are no longer deductible.