tax deductions on a vacant property

[fred]

I'd guess these questions have been answered elsewhere but I can't seem to find them
I have just bought an IP (settles on Thu!) and I'd like to fix up a few things before a tenant moves in. I think it will take me 1 month (or so?!) to do it.
It says on the ATO website that capital works deductions can only be claimed while the property is "available for rent".

Does this also apply for interest on the investment loan? What does "available for rent" actually mean? Do I have to have it listed with an agent?

Thanks.

Amateur

 

[julia]

You can't claim depreciation until it is ready to produce income (available to rent ie listed with an agent) but you can claim interest rates insurance etc if it is your intention to rent it out and it is not used for private purposes - reference ATO rental property guide.
Those "things" you intend doing maybe considered initial repairs so you will not get a deduction for them but you can write them off at 2.5% a year as capital works, once the property is available to rent

 

[fred]

Thanks Julia.

Fred