At the time of writing, the coalition government has agreed to speed up the return of interest deductibility for property investors, with the phased-in changes taking effect in the current financial year.
As a result, legislation is expected to be passed allowing to you to deduct 60% of your interest expenses on property investments in the year to 31 March 2024. If legislation isn't passed it will be limited to 50%.
Deductibility will rise to 80% of interest costs in the 2024-2025 financial year, with a return to 100% deductibility in 2025-2026.
Have a chat with us to ensure you’ve accounted for 60% deductibility this tax year.
The latest government announcement can be found here:
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