I purchased an IP recently and signed a contract on 5th June 2012 yet the settlement will fall on 27th July 2012. Property will be rented sometime in August once improvements made.
I am about to do a tax return for 2011-12 and at this point in time my understanding is I can claim some of the borrowing expenses (i.e loan fees & LMI)
http://www.ato.gov.au/individuals/content.aspx?doc=/content/00113245.htm
Is this correct or can I not claim any of this yet as have not settled and that will fall into the next financial year (along with all the other relavant tax claims - interest on rent, decpreciation etc) ?
Thanks
I am about to do a tax return for 2011-12 and at this point in time my understanding is I can claim some of the borrowing expenses (i.e loan fees & LMI)
http://www.ato.gov.au/individuals/content.aspx?doc=/content/00113245.htm
Is this correct or can I not claim any of this yet as have not settled and that will fall into the next financial year (along with all the other relavant tax claims - interest on rent, decpreciation etc) ?
Thanks