new2investParticipant@new2investJoin Date: 2010Post Count: 36
Next Year My Wife and I will be building an investment property From Feb 2014 with expected completion date end of June/mid of July.
We are expecting we will have a tenant around September 2014.
I want to know if I can claim the interest paid on the progress payment made during the construction so that when I do my tax return for yr 2013/2014 I can include the interest.
Is that possible?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,110GrantMckMember@grantmckJoin Date: 2013Post Count: 36
First thing is to talk with your Accountant, but I am very sure that if you can demonstrate to the ATO that your intention from day one was that the property is for Investment, you can claim the interest and costs. How do you do this, get a Property Investment Cash Flow Analysis report by an external company, get Rental Appraisals from a local Real Estate Agents, I suggest at least two for your own reference, and make sure your loan documents and accounts state that the loan is for Investment.
Cheers GrantJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065
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