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johnlink(Enthusiast)Enthusiast
28 July 2024

This tax year FY24 I purchased an investment property and on the settlement statement I paid a number of charges such as Council Rates and Strata Fees (apportioned as at settlement date). My question is are these charges deductible against rental income, or must they be included in the cost base of the property for future CGT calculations upon sale? My accountant is ready to allow deductions for settlement agent costs, land tax and stamp duty but I am wondering about the apportioned rates and strata which relate to ongoing benefits and services which are normally deductible in the course of earning rental income?

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Bruce4Tax(Taxicorn)Taxicorn
28 July 2024

My accountant is ready to allow deductions for settlement agent costs, land tax and stamp duty


Stamp duty is part of cost base - unless property is leasehold, like in ACT.


apportioned rates and strata which relate to ongoing benefits and services which are normally deductible in the course of earning rental income?


Yes - as long as property immediately available for rent.


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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
28 July 2024

My accountant is ready to allow deductions for settlement agent costs, land tax and stamp duty


Stamp duty is part of cost base - unless property is leasehold, like in ACT.


apportioned rates and strata which relate to ongoing benefits and services which are normally deductible in the course of earning rental income?


Yes - as long as property immediately available for rent.


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Strata fees and council rates paid on property purchase settlement | ATO Community