Hi everyone
Just wondering if anyone can help me out. I have been living in my house for about 18 months but am now looking to rent it out. It needs repainting and i was wondering if I get someone into paint it whilst I am living there and then rent it out straight afterwards, can i claim this as a tax deduction? I dont want to rent it out before it is painted as the tennant may not be very happy with a painter constantly comming around and making noise.
Thanks Tim
As far as I am aware this won't be claimable until the property is "available for rent".
So you may need to factor in a week between.. ie – you can have open for inspections while you are there. You accept an application from a tenant from (for example) Monday the 2nd week in November. You move out the last week of October, and the between week is for painting and the start date of your investment property. Don't forget to get a depreciation schedule done and also it may be worth considering getting a valuation done to help with Capital Gain issues further down the track.
I am not sure you can get a tax deduction or not. If it is possible then that is good for you. If not possible you may include tax within rent. That might be more satisfactory for you.
According to the TaxPac Supplement for 2009:
"You can claim expenses relating to your rental property but only for the period your property was rented or available for rent – for example, advertised for rent." (S27)
You must be logged in to reply to this topic. If you don't have an account, you can register here.
