Legislation was introduced into Parliament on 7 September 2017 to reduce income tax deductions for passive investors in residential rental properties for travel expenses and depreciation of assets used in those properties. Subject to passage of the legislation from 1 July 2017, any travel expenditure incurred by taxpayer in relation to the residential rental properties will no longer be deductible.  The travel expenditure will also not be recognised in the cost base of the property for CGT purposes. The following taxpayers will be able to continue to deduct travel expenditure: Companies Superfunds (other than SMSFs) Managed Investment Trusts Public Unit Trusts Unit Trusts … Continue reading Legislation Reduces Tax Deductions for Passive Investors