can I claim cost of establishing loan?

[ahtsunami]

hi guys;

first time poster:

i am very new to this IP field.

bought a property under FHOG, and am renting it out for less than 12 months.

can i claim the following in my tax?

* loan establishment
* legal fees, etc

 

[Ms Jade]

Welcome to the forum, ahtsunami! Buying costs are deductible over 5 years or the life of the loan, whichever is shorter. So if you bought the property July 1 and total buying costs = $2500, your accountant will apportion exactly $500 as deduction each FY for 5 years.