Hi again i am about to rent out ppor. company paying for rent elsewhere and was wondering if at tax time can we claim 100%on the following or is it a percentage. If it is only a percentage roughly what is it and does it depend on full year renting or not.
My ppor is less than two years old so i believe i am entitled to 2.5% which calculates to around $2500
Interst roughly 985 per month
pm fees very roughly 695
rates yearly 1350
insurance 600
Quantity Surveyor 385
Will only be renting for five months of this financial year so pm fees based on that.Can anyone please help me to crunch the numbers.
Am waiting to find out if company will also pay utilities or percentage of ,so i would like to know where i stand financially Am moving to remote area where i have heard for 60 days one ladies power bill was $850… ouch.k
Anybody??
k
You should talk to your accountant, it doesn’t matter what we say, what matters is what your accountant says.
FWIW, you might be able to claim any expenses that relate to the period it was rented out, if that is 5 months then interest etc for those 5 months.
thanks
k
You can claim the costs you incur once the property becomes an investment property.
So that’s 5 months of interest payments and a 5 month proportion of the rates and insurance.
Of course, if you get landlord’s insurance you’ll be claiming all of that.
100% of the QS fees would be claimable. Depreciation will be pretty good on a 2 year old home. If you built the house and have the original contract we could do a schedule for $250.
ScottTax Depreciation Schedules
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http://www.depreciator.com.auThanks Scott for answering my questions.I did build my home and also i have the contract.Will call about your offer.
k
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