Property promoters create the illusion that negative gearing will magically solve an investor's taxation problems. That is not necessarily the case. This book takes an objective look at the tax effect of a loss from a rental property. Practising accountant Tony Compton has the experience to know that many property investors do not understand the tax implications of their property investments, and it's no wonder - Australia's tax system is involved, complex and unwieldly. This updated third edition of Rental Property and Taxation is a must-read for any owner of, or anyone considering purchasing, a rental property. It provides practical and sound advice in a straightforward manner, taking the reader through the purchase of a property, the tax return and the sale. The effect of non-cash allowances, such as decline in value and construction cost write-offs, are covered in depth, as are repairs and maintenance, capital gains tax, record keeping and other essential tax matters.