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.
11 May 202107:22 PM - edited 11 May 202107:23 PM
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?