Posts Tagged ‘deductions’
Deductions for finance on a rental property
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income. In these circumstances the interest paid is deductible even if it…
Read MoreDeduction tip: Can you claim the cost of travelling to this office?
Tax time has arrived, but before you have us lodge your return here is another deduction tip — should your circumstances allow (or file this away for next income year.) The ATO recently issued what it calls a “tax determination” which more clearly spells out the circumstances of what may be an allowable claim (under…
Read MoreBusiness costs and deductibility of interest expenses
If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allowed as a tax deduction for the relevant year. For business taxpayers under the accruals accounting method, a claim can be made for…
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