Hi all, I'm pretty sure that the cost to prepare a depreciation schedule is tax deductible, but does anyone know under what section of the ITAA this is allowed? I'm trying to work out if:
a) for a new IP, I incur this expense between contract date and settlement date is it deductible? (I assume so but the property isn't really 'available for rent'?
b) for a PPOR about to become and IP, if incur the expense after we advise the property as 'available on.....' is it deductible?
I've had a good search on the ATO website and it seems to say that if an expense is incurred during these periods for 'in gaining or producing the assessable income' it is allowable. But I'm not sure if the cost of preparing the schedule would fall in to this category?
Thoughts anyone?
a) for a new IP, I incur this expense between contract date and settlement date is it deductible? (I assume so but the property isn't really 'available for rent'?
b) for a PPOR about to become and IP, if incur the expense after we advise the property as 'available on.....' is it deductible?
I've had a good search on the ATO website and it seems to say that if an expense is incurred during these periods for 'in gaining or producing the assessable income' it is allowable. But I'm not sure if the cost of preparing the schedule would fall in to this category?
Thoughts anyone?
