Last rort of the specufestors

Via Domain:

The expenses of landlords who negatively gear investment properties have been revealed in new figures showing property owners collectively spent millions of dollars on gardening, office costs and travel.

Expenses claimed for loss-making rental properties, 2016-17

Interest on loan(s) 18,003,089,767
Capital works deduction 2,686,282,577
Plant depreciation 2,267,756,183
Council rates 1,975,758,715
Repairs and maintenance 1,861,206,782
Property agent fees/commission 1,601,497,785
Body corporate fees 1,438,526,797
Insurance 931,868,817
Water charges 923,262,139
Sundry rental expenses 759,398,052
Land tax 558,241,139
Borrowing expenses 271,147,449
Travel expenses 269,430,348
Cleaning expenses 175,716,353
Gardening/lawn moving expenses 145,180,853
Advertising for tenants 75,996,265
Pest control 49,494,620
Stationery, telephone and postage 41,728,055
Legal fees 39,258,601

In the 2017 budget, the Coalition made tweaks to the practice by disallowing deductions for travel expenses and limiting plant and equipment depreciation deductions.

Travel deductions had been “probably the biggest lurk” among the expenses claimed by landlords, Grattan Institute fellow Brendan Coates said.

Looks like a lot of fat in there for the ATO to trim. But then, as of tomorrow (hopefully), it’s game over anyway.

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