All Topics / General Property / Repairs

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  • Profile photo of kenzelkenzel
    Member
    @kenzel
    Join Date: 2007
    Post Count: 51
    September 8, 2008 - 6:19 am

    Hi All,

    Anyone out of the rat race yet? :)

    Anyhoo, I got a simple question base on the following points:
    1. Purchased property < 12months
    2. Currently living in it
    3. Door lock breaks a few months after purchase and decide to not fix it until I move out
    4. Rent out the prop. in the 13th month

    If one were to repair the broken lock just before the tennant moves in and after I vacate the premise (say between the 12th and 13th month), would one be able to claim a tax deduction on that?

    I'm sure all landlords have experienced this in one way or another :)

    Any feedback welcome
    Cheers

    Profile photo of ToolsTools
    Participant
    @tools
    Join Date: 2003
    Post Count: 363
    September 8, 2008 - 8:03 am

    If it was me I would be repairing the lock now to secure my premises, and so I wouldn't be forking out for the insurance excess when someone just waltzes in and pinches my gear. I am not an accountant but I would suggect that it would not be a deductible expense until the property has been rented out.

    Tools

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 9, 2008 - 12:00 pm

    How much is a new lock? $200 maybe? Why wait – you may only be saving $40 in potential tax.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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