"You can only claim expenses up to the value of income received?"
Maybe. Split the deductions away from total earnings and make them only from rental income. I think we are the only nation that allows you to offset against all other forms of income.
Or keep NG but scrap the 50% CGT allowance.
One thing for sure though is the projected blowout in NG and CGT concessions is unsustainable for either party.
