Thank you in advance for answering a gumby question, gurus! Or at least for reading it
I'm about to settle on my first IP in a few days time. Being the eager beaver I've paid for tax deductable expenses like building/pest inspections/depreciation schedules etc, but did it before 30 June 12.
Because I haven't received income for this property or even own it yet, am I still able to claim those expenses now or do I need to wait 12 months to do so?
I'm doing my own tax return (for the last time) and can not actually find anything relevant to my case on the ATO website.
An initial; building / pest inspection is actually a cost of buying the property, and is not tax deductible. Instead, it forms part of the cost base for CGT purposes.
You could claim the depreciuation schedule cost
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