Tax Return - Property Expenses

[seano87]

Hi all,

I plan to see an accountant as this is my first year owning an IP.
I would however like to put together an overview of my income and expenses using e-tax 2014.

Currently filling out the property income and expenses (Section 21) but I'm confused about the claiming of expenses.

If the property was rented out on the 1st March 2014, and I paid for 1 year of insurance upfront, can I claim 100% of the expense, or just the component that pays for the insurance premium between 1st March and 30 June 2014?

I assume that I can claim 100% of any revenue expenses that have come out of my pocket last financial year.

Appreciate any help.

Thanks

 

[Paul@PFI]

You claim the expense paid unless it is prepaid for more than 12 months. In your case its 100% deductible.

I dont understand what a "revenue expense" is...Some expenses arent tax deductible and must be depreciated. Some are capital etc...