Browse Forums Home Finance 1 Jun 15, 2020 4:26 pm If a block of land is vacant, can we claim tax deduction on LMI , Interest and loan coasts ? Due to covid-19, i am not able to get proper valuation for construction and I would be able to start in few months. Land settled few months ago. Re: Investment land - Tax Question 2Jun 15, 2020 4:31 pm You need to check that with your accountant, but, typically loan costs are depreciated over a term and not immediate deductions, sorry! Especially so where its not yet deriving an income. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Investment land - Tax Question 4Jun 15, 2020 11:14 pm That one is out of my scope sorry - the legislation changed on it recently & I donโt want to mislead you. It used to be you could claim beforehand but Iโm pretty sure it has changed - best to confirm. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building the exemption applies only to your principal place of residence - so you must live in it. The 200 days is continuous. You also have to apply for the exemption. 2 13304 If it's your primary residence then there is no tax deductions to be made. 4 125183 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6388 |