Does anybody know much about tax deductions in relation to holiday homes. If a home is available for holiday rental all year can you claim depreciation and expenses for the whole year or only for the weeks that the property was actually let?
Hi Andrew,
Provided it was available for market rate rent all year you can claim all expenses.
Don’t forget you will need to be able to substantiate the claim if the ATO comes knocking – advertisements, advertising bills, records of phone calls to managing agent etc.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Plus if it is available for rent but you don’t have a tenant, that doesn’t automatically mean you can just go stay in it. There is a peak period of about 13 weeks I think it is that if you so much as step foot in the door it is no longer considered available for rental. check out http://www.ato.gov.au for the fine details.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
My understanding is that if you decide to use your holiday IP for say 2 weeks of the year or whatever period for personal purposes you can not claim any taxable items during this time.
If this is your choice you simply advice your accountant on dates used for personal purposes.
A good accountant will be able to sought this one out.Similar subject has been discussed before do a search. Alternatively PM me can give you details as we have holiday IP
Cheers[biggrin]
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