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.
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.
- You can no longer claim 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.