Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.
Understandably, there is a lot of hype around negative gearing. It is a highly beneficial investment strategy, after all.
The amendments are not only retrospective but go beyond purely vacant land.
Most importantly, the accountant and broker should have a strong relationship because the two areas are much intertwined.
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties.
It is estimated that one in ten returns will contain errors in the 19/20 year.