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You're right at this extreme, ianvestor, of course. But any changes to tax rates would be comparatively modest; at most tax rates would go up by, say, 1 or 2%. Therefore: 1) only the most heavily negatively geared people wouldn't end up paying more tax overall anyway, and 2) the added...

I do hope you were being sarcastic.

Plus - if you own the property in a Trust or your own name - you'll benefit from the 50% CGT discount. So you can deduct $4K in depreciation this year, and pay CGT on only $2K when you ultimately sell.