Tax Working Group
February 8, 2019
Happy New Year
January 21, 2020
From 1 April 2019 rental losses will no longer be able to be offset against other taxable income you earn (either from self employment or salaries/wages). They will be able to be carried forward to future years and offset again rental income. If you have a bit of repairs and maintenance to do that will mean you could have a loss (or a bigger loss) next year it may pay to bring it forward so you can include it in your 2019 income tax return.
We anticipate that due to this “quarantine” effect some rental losses will never get utilised.
