End of financial year tax time!

Hi guys,

I just recently purchased a property and the settlement date is on 14/7/15. Would it be better to have the settlement date before end of financial year (30/6/15)? Would there be any tax benefits if say the settlement date was moved to 25/6/15???

Would appreciate your advice!

Kind regards,
Jo
 
Might save you accounting fees if you don't need to claim anything in this financial year.

It may also save you land tax depending on the state.
 
Might save you accounting fees if you don't need to claim anything in this financial year.

It may also save you land tax depending on the state.
thanks for the reply. So would there be other tax benefits of having the settlement date at 25/6/15?

Is it possible to claim the full amount of buyers agent fee of $15,000? Or is this only claimed when selling the property?
 
If the property is available to let this year, there will be depreciation to claim.

Assets. Allied under $300 can be written-off and those between $300 and $1,000 can go into the Low Value Pool - 18.70% for just a few days.

The building, if eligible, will be treated pro-rata, so perhaps not much there.

All will depend upon the age of the place and what is in it.

Scott
 
Buyers agent fees are not deductible. It may come off the capital gains when sold.

As Scott says if you have 4 or 5 days to claim this probably won't amount to much - e.g. $10k in depreciation may work out to be $137 for 5 days.
 
There won't be much to claim on the building (if eligible) but as I said there could be good depreciation on the Assets because of the under $300 write-off and the Low Value Pool. If it's a new property, there could be $2,000 or so for those few days.
 
i'm settling on a property 29/6/15 but i don't really want to have to go and pay a account an extra 100-300 dollars (it's an old property)

can i just do a tax return for my self and do the property next year?
 
Thanks guys for the reply I guess it's no point in settling just before tax time.

If you don't claim now then you miss out it wouldn't be too much..
 
i'm settling on a property 29/6/15 but i don't really want to have to go and pay a account an extra 100-300 dollars (it's an old property)

can i just do a tax return for my self and do the property next year?
Its barely available for rent and the deductions really just trivial. I would wait.
 
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