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Hi @Junior3156
The legislation changed from 1 July 2019. You can't claim deductions against vacant land. If the property is being built and not available for rent or being rented, you cannot claim deductions until this occurs. Once it's available for rent you can use this date forward to claim expenses.
However, any expenses you incur while it's being built and not available for rent, can be looked at under elements of the cost base when you sell or dispose of the property.
For more info on deductions on your property if its rented or available to rent, and rental expenses - visit our website.
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Hi @Junior3156
There are certainly provisions that allow for claiming deductions. One is associated to the build for investment the other for rental commencement.
Q: Can I claim deductions without rental income in 2020-21 year?
A: Yes, allowable deductions and others when available for rent.
Q: Can I claim deductions from Occupancy permit date, if not which date I should base my calculations from?
A: Our website speaks to 'genuinely available for rent'. So from that point forward whether occupied or not rental expenses are claimable.
Q: How do I treat interest and other expenses related?
A: These are claimable. Interest can be claimed from the outset. Also bank expenses to service the loan as well. Other expenses too depending on what. Some are likely capital in nature.
Visit out website for more info on what you can claim.
Hi @Junior3156
The legislation changed from 1 July 2019. You can't claim deductions against vacant land. If the property is being built and not available for rent or being rented, you cannot claim deductions until this occurs. Once it's available for rent you can use this date forward to claim expenses.
However, any expenses you incur while it's being built and not available for rent, can be looked at under elements of the cost base when you sell or dispose of the property.
For more info on deductions on your property if its rented or available to rent, and rental expenses - visit our website.
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