"You can only claim expenses up to the value of income...

"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.