There are changes to the way you report your residential rental income this year.From the 2019-20 income year, you can only claim deductions on the amount of income you earn from the property. You can no longer use excess deductions from your property to offset other income such as salary and wages.
All deductions must be ring-fenced, meaning any excess deductions (or losses) will be carried forward and added to other property deductions in a later income year.
The new ring-fencing rules apply to all residential land (including overseas based properties) unless it falls under one of the exemptions, such as if the property is your main home.
What happens next?The new rule means that the information you provide in your Income Tax Return will be different at the end of the tax year. More information on the exact changes will be available soon.
To find out more visit our website below. 作者: mwe24 时间: 2019-10-23 13:28:03
