If you’re a property investor …
Negative gearing rules for property investors are being tightened. You will no longer be able to claim tax deductions for travel expenses related to owning and renting an investment property, due to widespread rorting of the system with people claiming deductions for private travel.
And rules are also being tightened around depreciation deductions for plant and equipment items such as washing machines and ceiling fans. From budget night, you will only be able to claim the deductions if you actually purchased the item yourself. In the past, successive investors were able to claim depreciation on the same items, well in excess of their value.
Source:
http://www.news.com.au/finance/economy/federal-budget/budget-2017-what-it-means-for-you/news-story/23ef73b663adcfd96dd0976937bbd6c4
