Hello, I intend to sell my only property (which is rented out), after this sale can I buy another property and rent it out without living in it for certain period and claim on the interest againt that home loan considering that I own just one property...
If your property is rented out and you declare the income earned, you can claim all valid expenses - which includes interest on the loan used to purchase that property. The loan must have been for purchasing the property that is rented out though.
Thanks Sim for a detailed reply... Could you also clarify one more doubt, I works in construction industry and want to do MBA degree, I have PR, could I be able to claim all/part of the fee that I will spend on my MBA (I am paying about 30% of tax on my income which is >33000) though MBA is not really my field,just to boost my CV and learn good skills.
I believe the ATO takes the view that if the training is directly related to the work you do, you can claim the costs as a deduction. However, if the training is aimed at improving your employability or earning capacity or in an unrelated field, you cannot claim it. For more information read: ATO: Claiming self-education expenses
Property Tax Professionals, Servicing the World Our clients are global and know we are property tax professionals. Our advisers are qualified and experienced and we don't outsource. We can help with complex CGT, Income Tax, and Developer issues. Property is our speciality incl Trusts, Co and SMSF » Contact us today