Thanks guys. That kind of confirms what I thought all along. I got my wires crossed because I was reading all the guides on CGT for rental properties, but my IP couldnt ever be called that since it is never rented out. IT should be treated as a capital asset used to generate income, which it will.

Id expect that I could claim all my outgoings, same as any business. I dont see what business of the ATO it is, whether its a repair or improvment as they define it, because either way it is used to improve the value of the property, and thus the amount of assessable income (captial gain).

Increasing the cost base is the same as getting a tax deduction in my book. Either method reduces the assessable amount for tax…yes?

No, not foreign, Im an Aussie.