Hi,
Thanks for this forum, I've been lurking for what seems an obscene amount of time and this is the first time I've had to post. I've just settled on my 1st IP and am trying to get through the maze that is the income tax variation form.
Can someone please tell me their understanding of apportioning deductible expenses. If I purchase a new property in say Nov and it is available for rent from day 1, in other words it has been available for rent 100% of the time I've owned it - do I need to apportion the deductible expenses, OR is it, if I purchase it in Nov I have to apportion deductible expenses by 33/52 (the number of weeks it is actually rented in the FY).
thanks in advance, Barry
Thanks for this forum, I've been lurking for what seems an obscene amount of time and this is the first time I've had to post. I've just settled on my 1st IP and am trying to get through the maze that is the income tax variation form.
Can someone please tell me their understanding of apportioning deductible expenses. If I purchase a new property in say Nov and it is available for rent from day 1, in other words it has been available for rent 100% of the time I've owned it - do I need to apportion the deductible expenses, OR is it, if I purchase it in Nov I have to apportion deductible expenses by 33/52 (the number of weeks it is actually rented in the FY).
thanks in advance, Barry