Hey all, Just picking brains for items that are completely depreciable within a financial year for an IP. Basically I’m trying to figure out whether I need to chuck a couple grand in my super this week, to get myself below a tax threshold. Weighing up benefits of course, but my IP is positively geared by a long way so will definitely be getting a tax bill. The list I have from reading is Insurances Agent fees Interest on loan Water and council rates Cost of depreciation schedule Smoke alarm service Photography for listing property Questionables are; Land tax?? Borrowing expenses Pest control Genuine repairs (as per strict definition) Loan application fees ?Search fees when buying ?conveyancing fees. Are both of these over 5 years or only at CG time? Also any recommendations for property focused accountants would be Thanks
None of those a depreciable. But most would be deductible in full, except for the borrowing expenses, which are deductible over 5 years. The search and conveyancing fees are capital expenses and not deductible.
