I purchased an investment property in Queensland right at the transition between the last financial year and the new financial year. The contract was signed in May, and it became unconditional in June. However, settlement occurred on 06/07, which falls in the new financial year. My question is, according to Queensland laws, I was required to purchase home insurance one week after signing the contract, meaning I bought the insurance in the last financial year. However, since the property hadn’t settled yet, there was no rental income to declare for the entire 2024 financial year. Should I be able to claim the insurance in my 2024 tax return, or do I need to wait until 2025, even though I incurred the expense in 2024?
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478 views
1 replies