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Rental Property - Deduction or Cost Base

I'm new

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Replies 1

Hi all,

 

I built a rental property that was complete at virtually the end of last financial year. Now I’m aware everything prior to that is added to the cost base of purchasing the property, what I’d like to find out is that once I got my certificate of occupancy can I effectively start claiming a deduction for interest etc, the reason being that the property is still vacant due to Covid and a building defect that was later identified and the backlog with the builder that it's taken forever to get them out there to rectify the problem, or all my expenses prior to the issue being sorted are still to be added to the cost base of the purchase?

 

Appreciate your time

 

Kind Regards

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

Is the property available for rent yet? If not, you aren't using to to potentially earn income

yet so a deduction is too soon. It'd be cost base. 

1 REPLY 1

Most helpful response

Devotee

Replies 0

Is the property available for rent yet? If not, you aren't using to to potentially earn income

yet so a deduction is too soon. It'd be cost base.