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How much can you claim when you no longer rent the property after the tenants leave?
No interpretation necessary: Move into IP, s.118-185(2) ITAA97 apportion, no valuation. Move out of PPOR that was 100% exempt and rent then you are taken to have acquired the dwelling at this time, s.118-192(2). You are taken to have acquired it at market value. This is off the...- Rob G.
- Post #10
- Forum: Accounting and Tax
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How much can you claim when you no longer rent the property after the tenants leave?
Enough said ... The ATO ptactice is to observe IT180 by allowing "repairs" you do BEFORE the end of financial year where you intend to move into your IP after a period of rental. This does not extend to improvements. To the extent it is improvements, it adds to the cost base of your...- Rob G.
- Post #3
- Forum: Accounting and Tax