Purchase costs claimable at tax time - P&B, and Insurance

Hi there.

Hopefully, a quick and easy answer to this one. I've just settled my first IP, and am trying to align the ATO's information on what is claimable as 'purchase costs' (as per the list on their website), and what I've paid for, and what else is claimable, going forward.

Can I claim the cost of the initial pest and building inspection, at the time of purchase - this was taken out after the contract was signed (but before the place was settled)? I can't see it listed on the ATO site.

Also, it mentions that I can claim the insurance, but if this was paid for before settlement, can I claim it? (In QLD, the purchaser is responsible for providing insurance for the property within 48 hours of the contract being signed, so clearly it must be in place well before settlement). However, as I'm not officially the 'owner' at that point, I'm not sure if I'm able to claim it as an expense (yet).

Cheers,
KayTea

 

building inspection = capital cost
building and landlord insurance is a deduction against income.

 

Borrowing expenses = Deduct over 60mths
Repairs before rented = Capital and not deductible. Maybe depreciable ?
Some costs on lawyers settlement sheet may be deductible eg council rates, water, strata etc
where intent is to rent asap.