Can I claim the selling related cost even if I can't sell

Discussion in 'Accounting and Tax' started by tester, 20th Jun, 2015.

  1. tester

    tester Member

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    I was planning to sell my IP but couldn't sell . thinking of putting it back on rent'. Can I claim 1k building report cost and 1 k advertisement cost in next tax return even though I couldn't sell.
     
  2. jerrybee

    jerrybee Member

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    Good question I'd like to know too!
     
  3. Terry_w

    Terry_w Member

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    These sorts of costs don't relate to income so are not claimable under income expenses.
    Also don't relate to the sale as it didn't happen. Don't form part of the items which could be used to reduce the cost base.

    Whats the deal with the building report? Could perhaps tie that in to income deductions.
     
  4. datto

    datto Member

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    That would be a nice little perk if you could claim those expenses.

    "Ah, no Mr ATO I couldn't sell my Mt Druitt 3 bedda fibro ex houso for $3.5m. Yes, I did spend $10K on advertising, look here's the receipts, all from my advertising coy of which I'm a director. "