Did you know that most landlords can no longer claim a deduction for travel costs connected with an investment property? So that trip to the Gold Coast to inspect your rental unit is no longer deductible. There are also restrictions on claiming depreciation on second-hand assets used in a rental property. There are exceptions, in particular, if you are carrying on a business or the property is owned by a company, but this would not apply to most landlords.
These and other tax and super changes that happened in 2017 are covered in a clear and comprehensive manner in the Australian Tax Handbook 2018 (current to 1 January 2018). There is no more authoritative source covering Australia’s complicated tax system. Central to the quality of the Australian Tax Handbook is the collective experience and knowledge of the authors.
The online version of the 2018 Handbook is now available and the print edition will be available later in January – pre-order here. However, the best way to make the most of the Handbook’s trusted content is by subscribing to Thomson Reuters Checkpoint platform. You can request a Checkpoint demonstration here.
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