All Topics / Help Needed! / block of land

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  • Profile photo of destined_for_millionsdestined_for_millions
    Member
    @destined_for_millions
    Join Date: 2004
    Post Count: 38
    May 12, 2005 - 1:58 am

    hi guys,

    I’m wondering if anyone can help…

    I’m looking to purchase a block of land in a development in my area.
    My question is, can i claim the interest on the loan, as i would be looking to build for investment purposes. Or, do i need to be gaining an income from the said property before i can claim. I’d expect the value of the land to be appreciating in value, but does this count?
    I’m in South Australia if it makes any difference/

    Thanks in advance

    DFM

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493
    May 12, 2005 - 2:54 am

    This was discussed in the last few days. I think it was in the help needed or general property section. Try a search for land and tax.

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of MichaelYardneyMichaelYardney
    Participant
    @michaelyardney
    Join Date: 2001
    Post Count: 616
    May 12, 2005 - 12:26 pm

    If you are going to commence building straight away and you then ket out your property as a long term investment you should be able to claim the interest on the devlopment as a deduction.

    A number of our clients have saught a tax ruling on this matter and this was the result.

    Michael Yardney
    METROPOLE PROPERTIES
    Author of Australia’s leading property e-magazine.
    Join over 10,000 readers each month.
    FREE subscription http://www.metropole.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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