I recently read that if painting an i.p. was done while it was tenated,it could be considered a “repair”,therefore fully deductable in that year. True? False?[confused2]
Is it a repair? Or is it an improvement? I believe that the property will need to be tenanted some time before you can justify an entire top coat as a repair.
If you are actually repairing damage this is another deal altogether.
Remember a repair is work which brings the property to the condition it was in at purchase (and subsequent rental).
Hope this helps,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Misty,
I would definetely say that you could claim the paint as maintenance, especially as paint fades, bubbles and does require attention. I don’t see this as a capital improvement at all. Just don’t make my mistake. I thought I could save a buck and went and bought ‘used paint!’ It came in the shape of a house!! Good luck!
Regards,
Gatsby!Gatsby,
You are correct, but, the issue here is timing. Be aware that painting in the first year is seen as a capital improvement. The issue is bringing the property nback to the standard it was when first leased. Paint takes more than a year to deteriorate.
Please check it out with the ATO.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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