Forums / Getting Technical / Legal & Accounting / Claiming expenses prior to settlement?

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  • Profile photo of JodyJody
    Participant
    @jadriaansegmail-com
    Join Date: 2018
    Post Count: 1

    Hi guys,

    I need some advice. Our property settles next month (mid July) and I wanted to know if I take out landlord insurance now, can I claim that expense in this year’s tax return?

    Thanks
    Jody

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,058

    yes should be able to. Interest on the deposit too. Don’t forget council rates as adjusted at settlement

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 271

    Confirm with a quality accountant but any expenses incurred in that financial year, yes you can claim that year even if it covers X period in the future.

    Kind regards

    Jaxon Avery

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