With the introduction of various new rules following the Federal Budget, it is timely to remember that the following changes should be observed as legislation has been passed or is moving into its final stages before parliament:

Rental Properties (Final Reading of legislation)

  • No deduction for travel
  • Depreciation can no longer be claimed by a new owner on existing items that come with a purchased property.

Non-Resident CGT Withholding (Passed into Law) 

The threshold has been lowered from $2,000,000 to $750,000

If you would like to know more or require any assistance in the above areas, please contact our tax specialist Ian McGinniss on 0755 923 644