Hi. I’m purchasing an IP for holiday renting and part private use. We are waiting to settle. Are purchased furniture, white good, and other items like bed sheets, crockery, etc that we buy an expense we can claim? Or do we have to wait until settlement before we buy them to be able to deduct it? Want to start buying now as will take awhile to accumulate and have it all ready in place before peak rental period starts. Thanks!
You could depreciate any furniture items purchased that relate to the property. You would have to wait until the property is available for rent for the tax claims to begin but you could buy now.
Don’t forget to apportion between investment and private use.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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