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From: James Doherty

Could you help me with this one?

I have just purchased a unit in frankston an it will settle @ 2 weeks before the end of the financial year. If i manage to get a tennent in before end FY can I claim cost's associated with the property.More importantly if I don't find a tennent before then can I claim anything (seminars included)
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Reply: 1
From: Dale Gatherum-Goss


I am a CPA and, yes, you can claim the costs incurred in this financial year. This includes a proportion of the rates paid on settlement, depreciation for the time owned, insurance paid, real estate agents fees as well interest, bank fees and a proportion of the borrowing costs etc etc etc.

This answer is the same regardless of whether you d have a tenant or not, providing that the property is available for rent.


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Reply: 1.1
From: Marina. L

You have to be really careful with the Depreciation part of it.(special building writeoff)

The claim for Depreciation begins to be allowable at the point in time when the building is first used or maintained ready for use for income producing purposes.

Deduction is not available until the construction of the capital works has been completed.

Eg. construction starts in jan 2001 and is completed and ready for use for income producing on the 24/6. The taxpayer can claim only 1 week of special building writeoff.

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