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Individual Income Tax Changes - Peter Vickers Business Group
income, tax | 16 Mar 2018 |
Personal Superannuation Contributions
Deductions for personal superannuation contributions are now allowed for all individuals under the age of 75 (but those aged 65 to 74 must meet the work test). Previously, a deduction was only available to individuals whose employment income was less than 10% of their total income. There is a new limit of $25,000 for the 2017/18 year as concessional contributions, and $100,000 for non-concessional contributions. For those under 65 you can bring forward the next 2 years to make it $300,000. If you are aged 65 to 74 you need to meet the work test.
Rental Properties
From 2017/18 tax year, travel expenses relating to inspecting, maintaining or collecting rent for residential investment properties are not deductible, unless you are carrying on a business of property investing.
Deductions for depreciation will be limited to costs that the taxpayer actually incurred to purchase the plant and equipment in the current year, not to successive investors in the property.
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