What can I claim this FY?

Discussion in 'Accounting & Tax' started by Muskboy, 11th Jun, 2017.

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  1. Muskboy

    Muskboy Member

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    Hi Guys,

    I recently purchased a house in Ferny Grove as my first IP. It settles on the 22nd of this month. The place is empty and I used the selling agent as my PM so they have full access to the house.

    Should I go ahead and get a Quantitative Surveyor to do a Depreciation Schedule ASAP?

    Do I need to wait until settlement?

    What else can claim this financial year to get my taxable income down?

    Thanks for your help!
     
    Muskboy, 11th Jun, 2017
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    What expenses have you incurred?
     
    Terry_w, 11th Jun, 2017
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  3. marty998

    marty998 Well-Known Member

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    Hasn't settled yet and isn't available for rent?
     
    marty998, 11th Jun, 2017
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    Simon Hampel, 11th Jun, 2017
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    But you do intend to rent it straight away?
    If so you can claim the rates, water etc adjusted at settlement. LMI (proportion), interest etc etc
     
    Terry_w, 11th Jun, 2017
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  6. Ross Forrester

    Ross Forrester Well-Known Member

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    You can prepay your accountants fees.
     
    Ross Forrester, 11th Jun, 2017
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  7. Muskboy

    Muskboy Member

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    Only expenses are related to the buying process, therefore cannot be claimed? I plan to do a minor $1000-ish roof repair shortly, will want to claim that.

    Not settled yet, it's online for rent ATM though. Trying to get someone locked it for settlement.

    Yep rent it ASAP :) I didn't get LMI but yeah will claim rates, water etc.


    At what point is best to get a Depreciation Report done? Im just unsure if I need to do it ASAP or it's something I don't need to rush?
     
    Muskboy, 12th Jun, 2017
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  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    As it is available for rent you should immediately do a depreciation report so you can claim this financial year.

    The roof repair will be a capital cost.
     
    Terry_w, 12th Jun, 2017
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  9. SimonQld

    SimonQld Well-Known Member

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    The depreciation schedule can be done at any time. Depreciation will commence on the settlement date regardless whether it is prepared now, in July or sometime thereafter.
     
    SimonQld, 12th Jun, 2017
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  10. Beachman

    Beachman Well-Known Member

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    Would it not just be apportioned for 8 days so not really urgent/material?
     
    Beachman, 12th Jun, 2017
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  11. SimonQld

    SimonQld Well-Known Member

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    IF you entered into a contract post 9 May 2017, and are thereby governed by the proposed Budget changes (yet to be Legislated), then you are correct in that there won't be much depreciation this financial year.
    IF you entered into a contract pre 9 May 2017 then there could still be significant depreciation to claim on low-value (up to $1000) plant and equipment items as these are not apportioned based on the number of days.
     
    SimonQld, 12th Jun, 2017
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  12. Muskboy

    Muskboy Member

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    Yes I actually singed and exchanged contracts on the 8th of May luckily!

    I will get the Depreciation Report done so I can claim this Financial year :)
     
    Muskboy, 14th Jun, 2017
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