Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
Suppose a brand new off-the-plan residential apartment is purchased and owner occupied for 6 months, with the owner qualifying for First Home Buyer's Assistance and the First Home Owner's Grant -
If the owner occupier later decided to move out and rent out the property some time after 6 months, would he/she be able to claim depreciation expenses on the apartment and fit-out/appliances as tax deductions, seeing as (1) no one was previously entitled to a deduction for the assets and (2) no one resided in the property before it was acquired?
Also, just to confirm, am I correct in saying mortgage interest/strata expenses etc. would be claimable as deductions as soon as the property starts generating income?