Govt restores interest deductibility on investment properties

Repeal of interest claims put upward pressure on rents. (Image: Getty)

Sun, 10 Mar 2024

Reinstating the ability for landlords to deduct interest expenses on their tax returns from next month will ease pressure on rents and simplify the tax code, associate finance minister David Seymour says.Seymour announced on Sunday that the government would phase in interest deductibility on mortgage interest paid on residential investment properties. Landlords will be able to claim 80% of interest expenses from April 1, moving to 100% from April 2025.The prior government had closed the door on what it considered a "tax loophole" in 2...

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