pest inspection

Viewing 9 posts - 1 through 9 (of 9 total)

christobell
Participant
@christobell
Join Date: 2004
Post Count: 30
June 18, 2005 - 3:42 am
Hi All…I have an investment property that is due to settle 18th July..I have just had a pest inspection done and wondered should I pay them the bill now or wait untill after 30th June..if I pay now can I claim it as a tax deduction for this year even though the property has not settled yet, or if I did pay it now can I claim it next year..hope this makes sense…cheers Christobell
cata
Participant
@cata
Join Date: 2005
Post Count: 559
June 18, 2005 - 3:47 am
I am no accountant but I think that if it is related to a property that settles next financial year then it is for next financial years tax return. I would wait until july as you do not own the property yet.
CATA
Asset Protection Specialist
[email protected]
christobell
Participant
@christobell
Join Date: 2004
Post Count: 30
June 18, 2005 - 4:17 am
Hi All…also on the same note I have recently had some financial advise on the property in question and to rearrange my finances, this will not happen untill July also. I also have a bill from the the adviser..should I pay that now or wait untill after 30th June…sorry about the confusion..cheers Christobell[confused2]
camder
Participant
@camder
Join Date: 2004
Post Count: 170
June 18, 2005 - 4:38 am
Is it not so that once contracts have been exchanged you are seen as to OWN the property ??? Do you not take out insurance from xchange date because you own the property?
Len
Celivia
Participant
@celivia
Join Date: 2003
Post Count: 886
June 18, 2005 - 6:47 am
I’m in favour of paying bills ASAP- (small) businesses can have a hard time waiting for delayed payments. They have done the work for you and deserve to be paid within a reasonable period of time, unless you have made other arrangements with the business beforehand.
Celivia
cheesy_2
Participant
@cheesy_2
Join Date: 2005
Post Count: 6
June 18, 2005 - 9:15 am
I’m in the same predicament at the moment. I have been told by an accountant that even if you pay the bill this Financial year, but your property doesn’t settle until after June 30 you can claim it on next financial years tax return. As it is still a deductable cost on your property even though you have paid it before the new financial year.
christobell
Participant
@christobell
Join Date: 2004
Post Count: 30
June 19, 2005 - 8:22 am
thanks for those who replied but I am still none the wiser about what to do
cheesy_2
Participant
@cheesy_2
Join Date: 2005
Post Count: 6
June 19, 2005 - 9:26 am
What I did was pay the bill. I can still claim it on tax deductions but not until next year. So it really doesn’t matter when you pay it as you can still claim it on next years tax return. (That is what I have been told by my accountant).
Shane
christobell
Participant
@christobell
Join Date: 2004
Post Count: 30
June 19, 2005 - 12:22 pm
Many thanks for your kind replies