Thanks. But that’s not what I was asking.
Just want to know if I  can negative gear as I might not receive rental income this financial year

$50K included council fees, demo, plans and permits etc.

I have decided against this as finances would be to stretched.

the house is almost a writeoff but can be salvaged with $100K

Hi all. After meeting with a couple of carpenters/builders they were shocked with state of property. Front of house is ok…. Back which includes kitchen, bathroom  is pretty much right off and floor joists also need to be replaced.

Looks like will will need min $70k to get somewhat up to scratch and $100k for better result.

question is given…[Read more]

Does this answer my question. Taken from ATO website.

Expenses prior to property being available
for rent.
You can claim expenditure such as interest on loans,
local council, water and sewage rates, land taxes and
emergency services levy on land on which you have
purchased to build a rental property or incurred during
renovations to a property…[Read more]

I do not have any non deductiable debt.

You may still argue against p&i

Thanks for that Richard.I think I follow.  So the difference in the repayment amounts goes to the principal.So given the opportunity to draw out the equity. Should I do it and place in an offset account?Ie money would be used for possible investment property deposit.  The existing loan is also investment & I have no other debt. Will increase my r…[Read more]

Terry
I do not have a home loan. All loans will be investment.

Does this change things.