they missed out negative gearing, page-13

bundalee

although gross rent is assessable income, a scheme must be of a commercial nature, that is, capable of profit

read the following link:

http://law.ato.gov.au/atolaw/print.htm?DocID=TXR%2FTR9533%2FNAT%2FATO%2F00001&PiT=99991231235958&Life=19951004000001-99991231235959