Probably a dumb question. I bought an investment property on 29th June (auction), and will be letting it out for holiday rental. I settle next week (August), and in the meantime have been purchasing items for the property. I have received income over the last financial year, on which I will need to pay approx $1500 tax. Is there anything at all involved with the purchase that I can use to offset the tax, or will I have to wait until next year? For example, I purchased a building inspection prior to the auction, but it was a down payment, and the rest was due after (which I didn't pay until July). I have been given the statement of adjustment that includes strata fees from April... Anything I have purchased prior to July? Is there anything else I can claim as a deduction now, rather than waiting? Petrol to inspect the property? Many thanks
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Expenses for rental properties prior to being available for or rented form part of the cost base for CGT purposes. This includes strata fees etc that are included as part of the settlement costs.
Travel costs for rental properties are no longer deductible.
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Expenses for rental properties prior to being available for or rented form part of the cost base for CGT purposes. This includes strata fees etc that are included as part of the settlement costs.
Travel costs for rental properties are no longer deductible.
Thanks. Strata fees (and rates etc.) are tax deductible each year, not for CGT purposes.
Hi @Comet
Your home needs to be rented or genuinely available for rent to claim expenses immediately. If you can't claim a deduction then the costs can be added to the cost base for CGT purposes when you sell.
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