Landlords take $14bn in tax losses

Australian landlords logged close to $14 billion in tax losses that were offset against their income in 2012, Tax Office data shows, according to The Australian Financial Review.

The amount claimed by 1.3 million landlords again brings the debate on negative gearing into the limelight as the Abbott government reportedly considers making changes to negative gearing-related legislation.

In all, $13.8bn in losses were claimed in 2011/12, $0.6bn higher than the previous year, while the average loss per property climbed to $10,894, the AFR reported.

The numbers show the hit taken to tax revenue from negative gearing and may renew a push to limit the tax benefit to new housing.