Is Interest on Land Claimable ?

[ando]

G'day everyone

After quite some time I have finally got finance to purchase my first Investment Property or part of it for now anyway. It is a house/land package and I have a loan approved for for the land component which should settle in a couple of weeks.

But

I am not in a position to have the contruction loan approved for another month to 6 weeks. Therefore I will be paying the interest on the land.

Will this interest be claimable? and will I be able to apply for the tax variation?

 

[Propertunity]

If it your intention to build an IP/s on the land, then Yes, the interest on the loan for the land is tax deductible and yes, go ahead and apply for a tax variation and then do another one when you get the loan for the house.

 

[Rolf Latham]

yes, Steele vs ATO


Certain conditions in terms of time would need to be met ete, but your accoutant would probably agree

ta
rolf