“You can claim deductions for costs of preparing and registering leases”
You can claim a deduction for the money you spend on preparing and registering a new lease for property, or renewing an existing one. This rule applies even though these costs might normally be considered capital expenses. However, you still need to meet the general rules for claiming deductions, and other limitations may apply.
When you’re dealing with leases for property, it’s important to know that you can get some money back for the costs involved in setting them up or renewing them. This includes things like paying someone to write up the lease or paying fees to register it officially. Even though these might seem like big, one-off expenses, the law says you can claim them as deductions.
Remember, while this rule lets you claim these specific lease-related costs, you still need to follow the other rules about claiming deductions. Make sure your claim fits with the general permission rules and doesn’t break any other limitations set out in the tax laws.
