Depreciation deductions limited for residential rental properties

Depreciation deductions limited for residential rental properties Plant and equipment depreciation deductions will be limited to outlays actually incurred by investors in residential real estate properties from 1 July 2017. Plant and equipment items are usually mechanical fixtures or those which can be “easily” removed from a property such as dishwashers and ceiling fans. This … Continue reading Depreciation deductions limited for residential rental properties

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Travel expenses related to residential rental properties disallowed

Travel expenses related to residential rental properties disallowed Deductions for travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed from 1 July 2017. This is an integrity measure to address concerns that many taxpayers have been claiming travel deductions without correctly apportioning costs, or have claimed travel … Continue reading Travel expenses related to residential rental properties disallowed

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Super contributions from downsizing

Super contributions from downsizing A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence. They must have owned their principal residence for at least 10 years. This measure will apply from 1 July 2018 and is available to both members … Continue reading Super contributions from downsizing

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SMSF webinars – Major changes

The ATO is running webinars to help self-managed super fund (SMSF) professionals and trustees keep up to date with the SMSF sector. https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-webinars/

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