Own residential property? Take note!
In an effort to level the playing field between property investors and home buyers, a new law ring-fencing rental losses looks set to come into effect on 1 April 2019.
It means you’ll no longer be able to offset tax losses from your residential properties against other income (e.g. salary or wages, or business income).
However, the losses will be able to be used in the future when the properties are making profits, or if you are taxed on the sale of land.
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