Have just purchased a small “dump” of a unit and am considering installing a new kitchen. What is the best method of tax deprecation, if we can claim? We’re looking at installing a secondhad kitchen set up.
Improve your nordic skiing – become an accredited instructor with http://www.apsi.net.au/nordic
Hi nordic
I believe that kitchens now form part of your building depreciation, and as such, can only be claimed at 2.5% over 40 years. But check with depreciator (aka Scott) on this site, or ask your accountant – or the ATO.
Cheers
MelYep, 2.5% unfortunately. Unless you can rent it out for a while and claim anything as a legitimate repair.
ScottThanks Scott & Mel
We haven’t rented it out yet, no settling for another 30 days. I guess we’ll wear the 2.5% if we reno. Again many thanks.Improve your nordic skiing – become an accredited instructor with http://www.apsi.net.au/nordic
Hey Scott, I desperately need a new kitchen in my PPOR, anyway i can claim part of it due to the fact that we run our biz from home?
SF
Originally posted by Supa Freak:Hey Scott, I desperately need a new kitchen in my PPOR, anyway i can claim part of it due to the fact that we run our biz from home?
SF
Can you move your old kitchen to one of your IPs and claim depreciation on it ? This will offset the cost of a new one in your PPOR.
Bennido,
That’s an accountant question. If you’re running a business from home and claiming a proportion of other costs I guess you could claim depreciation on part of the cost of the new kitchen.
Julia (Bantacs) will be able to provide the definitive answer.
Apologies for not being clear. What I meant was for the old kitchen to be moved to an IP. Because it is in an IP, the old kitchen can be depreciated at least as capital works.
The extra money you get from depreciating the old one will make you feel better buying a non-deductible new kitchen for your PPOR.
You can probably do that with many things in your house especially if the IP is rented out as fully or partially furnished.
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