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7. Renovate and sell.
If your intention was to renovate and sell at a profit, rather than a long-term income producing investment, you may be taxed on the entire profit as a "profit-making scheme". It falls outside the capital gains tax (CGT) rules so you will not be eligible for the 50% CGT concession mentioned below.

8. Body corporate fees.
Body corporate fees are generally deductible. However if a component is for a special-


purpose sinking fund rather than general running of the complex, it may be capital and not deductible.

9. Travel to inspect property.
You can claim a deduction for the cost of travel to inspect the rental property. If there was also a private purpose to the trip - eg a holiday or to visit family or friends - then you can only deduct a portion of the travel cost (potentially none if the property


inspection was merely incidental to the private purpose for the trip)

10. Below market rent.
If the property is rented to family or friends for below market rent, the ATO may treat this as a "private" arrangement and only allow you to claim sufficient deductions to offset the rent, but not to make a tax loss.

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