I signed the contract for my latest IP on 28 May and it settles 4 Jul. When is the purchase date for tax purposes and will I include the purchase/costs in this year?s tax return?
I understand that solicitor fees, building/pest inspection, stamp duty etc are either capital expenses or borrowing expenses, so the date of purchase doesn't really matter for these, but my building insurance for example, if I paid it this FY, can I claim it this year, as I don't yet own the property?
I tried looking at the ATO website, but I couldn't work it out.
BR
I understand that solicitor fees, building/pest inspection, stamp duty etc are either capital expenses or borrowing expenses, so the date of purchase doesn't really matter for these, but my building insurance for example, if I paid it this FY, can I claim it this year, as I don't yet own the property?
I tried looking at the ATO website, but I couldn't work it out.
BR