Hi All
I recently read about a case that went against the ATO late last year. Result was that ATO has conceded that interest incurred in either building a rental property or getting one ready for rental, in certain cases, may now be deductible eg if land is bought and a house built within a reasonable time frame.
Asked our accountant to look into it, but he said it may be challenged at a later date, and really wasn’t interested. Has anyone heard of this case/ruling? I think we need a new accountant – someone experienced in PI.
Wake
Hi Wake,
Time for a new accountant – the purpose of the loan is to buy an income earning asset and therefore is deductible.
This has come up before see this thread;
https://www.propertyinvesting.com/forum/topic/11153.html
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Derek
Read the thread – that’s great news and will make quite a difference to us. Now… to find a good accountant.
Wake
Wake,
Steele’s case is the precident and it has been around for quiet a few years now without challange.
Julia Hartman
[email protected]
Visit http://www.bantacs.com.auHi Julie,
Welcome back – given it has been around for ages I am surprised that so many accountants do not know the situation.
No doubt it is a case of information overload for those accountants who, for various, reasons cannot or do not focus on property.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
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