Hey there,can anyone recommend a very good accountant in this area,just bought a place and would like to renovate and rent it out and would like some good advice on the order I should do this so I can claim the most as it is my first home. Thanks
RingadingI would also like to add Gold Coast to that list.
Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Hi my name is Glen Gardiner concerning accountants I can recommend a very good one Alan Elphinestone. His work # is 0733458222 his email is [email protected] Alan has looked after my accounting requirements for over six years including managing my rental property while I have been out of the country for five years.
You will find him straight forward and Honest.
Hope this helps.
Regards,
Glen
Where is he based Glen?
Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Like Matt would be interested about one on the
Gold coast [
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Like Matt would be interested about one on the Gold coastThat would be better! [
]Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Hi Matt,
Sorry for the delay in my response. I am currently out of country. Alan is in Algester. May I suggest that you give him a call. If he cannot be of assistance he most likely can put you in touch with a like minded professional. Hey I hope that this helps.
Regards,
Glen
If you like I can pass on the details of a brillant accountant. He is based on Sunshine Coast, however he does travel or is worth the trip yourself. He has wrote a couple of books and lectures a bit.
I am on Bribie Island Road and at Cotton Tree Maroochydore. If you send your e-mail address to [email protected] I will put you on our twice monthly newsletter mailing list. So that you can regularly receive articles such as this:
Rental Property Repairs or Improvements?
Newsflash 60
Repairs and Maintenance, not improvements are deductible. For example if the house needed painting when you bought it then painting it would be an improvement or if the house did not have a garden hose then purchasing one would be an improvement, therefore not deductible. On the other hand if during the time of your ownership the hose wears out and you replace it or the paint starts to peel and you repaint, these expenses would be a deduction. No deduction is available for your own labour. Take care to perform repairs only when the premises are tenanted or in a period where the property will be tenanted before and after with no private use in the middle (IT180). Do not make repairs in a financial year during which you may not receive any rental income (IT180). If a property is used only as a rental property during the whole year then a repair would be fully deductible even though some of the damage may have been done in previous years when the property was used for private purposes (IT2587). Note this does not apply if the damage was done in a period you did not own the property. If the state of disrepair the property was in at the time you purchased it is directly responsible for further damage when you own it, all the repairs relating to that damage are considered improvements (Law Shipping Co. UK). A repair can become an improvement if it does not restore things to their original state (case M60) i.e. replacing a metal roof with tiles. The whole cost of the tiled roof would be an improvement and no deduction would be available for what it would have cost you to put up another metal roof. But a change is not always an improvement. In ID 2002/330 the ATO states that the cost of removing carpets and polishing the existing floorboards is deductible. Yet in ID 2001/30 underpinning due to subsidence was considered by the ATO to be an improvement not a repair. It is not necessary to use the original materials to restore the thing or structure to its original state. Modern materials can be used even when these might be a slight improvement because they are more efficient. As long as the benefit is only minor or incidental it can still be considered a repair.
Work that replaces the whole thing or structure is an improvement not a repair. So don’t pull down all of the old fence and replace it just replace the damaged area. TR 97/23 recognises that eventually the whole thing or structure may be replaced in a progression of repairs. These repairs are still deductible providing each repair is on a small scale, the progression is over a long period of time and that it is not just in reality a replacement done over time but individual repairs.
Tree removal is claimable if the tress have become diseased or infested during the time of ownership. Removal is also claimable if the tree is causing damage such as roots interfering with pipes and the damage was not present when you purchased the property. If a tree is removed because it may cause damage in the future or you are fed up with the leaf litter that has always happened since you bought the property, then you are making an improvement which is not deductible.
Note improvements that are still present when the property is sold can increase your cost base for CGT purposes.
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