first home buyers accounting help

[keneth]

Hi,

I purchased my first property back in march. i rented it out for 6 months.

I received a statement from the property manager with rent received and outgoings.

I presume I put all this information into my tax return?

Can i also claim interest on servicing the loan for this period?

any help appreciated.

cheers

 

[Slow&Steady]

Hello, S&S is away from the computer - so, it's Mr S&S here.

Yes, the interest that applies for that financial year is deductible. If you purchased in March 2009, only the interest until 30 June 2009 should be entered. The financier should provide a statement with that figure.

You are also able to deduct a portion of the borrowing expense. This should be amortised over 5 years, so whatever the figure is divided by 5, then divided by 365 and then multiplied by the number of days you had the loan.

 

[marg4000]

Don't forget to keep good records as you will be liable for CGT for the rental proportion when you sell.
Marg