PPOR to IP Valuation tax deduction?

[Brazen1]

Hello all,

A quick tax question. I am converting our current PPOR to an IP in two weeks and I have had a valuation completed so a new cost base is set for CG purposes should I sell this property some time down the track.

I have an LOC which I use to pay for all other IP costs on two other IPs.

My question is, can I claim the cost of the valuation as a deduction?

If so I can pay it out of the LOC or other wise it will have to come out of my own pocket so to speak.

Could I justify the valuation as a deduction if it was to assess the value of the property to assist in identifying a weekly rent figure??

Any ideas would be appreciated.

Mark

 

[bennido]

I don't have an answer to your question, but how much does your valuation cost ?

 

[Qlds007]

The valuation will be treated as a borrowing cost and therefore can be claimed accordingly.

 

[Brazen1]

Thanks Richard. Another $275 to claim from the tax man.

Mark

 

[MissMuffitt]

Thanks Richard. Another $275 to claim from the tax man.

Mark

Wow your valuation is cheap! I will be paying $550 next week for the same reason...PPoR to IP . CGT