Budget 2017: 5 things property investors need to know

Budget 2017: 5 things property investors need to know

Capital gains tax discount:

You can still get a discount of 50 per cent if you sell your property, but only if you have held it for more than a year.

 

Negative gearing tax break:

You can still claim expenses, including interest, against your tax bill.

 

Downsizing and superannuation:

If you are over 65 and sell your family home, you can deposit $300,000 into your super fund as a non-concessional (post-tax) contribution.

 

First home buyers:

If you are a buying a home for the first time, you can use voluntary superannuation contributions to save for a home deposit, up to a maximum of $15,000 per year, or $30,000 in total.

 

Tax deductible expenses:

You can no longer claim expenses such as flights and hire cars to visit your rental property, nor plant and equipment expenses purchased by a previous owner of the property.

 

28 June 2017

 

Disclaimer: this article contains information or advice of a general nature only and is not intended to replace professional legal advice.

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