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Question: I recently bought my first investment property, there was an extra $2000 special levy charged by the body corporate to repaint the whole building. I presume it falls under repair and maintenance so it is tax deductible, right? Answer: As the building was in need of a repaint when you purchased the investment property, …
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Question: I recently bought my first investment property in April 2010. Unfortunately it wasn’t rented out until early July. I wonder if I can still negative gear anything (claim tax deductions) for the period that the property was vacant though I received no rental income? Answer: Although you didn’t get any rental income for the …
Expenses for which you may be entitled to an immediate deduction in the income year you incur the expense include: *advertising for tenants * bank charges * body corporate fees and charges * cleaning * council rates * electricity and gas * gardening and lawn mowing * in-house audio/video service charges * insurance – building – …
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Rental expenses for which you are not able to claim deductions include: * acquisition and disposal costs of the property * expenses not actually incurred by you, such as water or electricity charges borne by your tenants * expenses that are not related to the rental of a property, such as expenses connected to your …
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