hello all
i have just bought a house that i will live in for 6 months and then rent out.im just wondering if i do renovations before it is rented out,can i claim them back.if not can i do them when it is on the rental market.it is a 4 bedroom with a granny flat.i should get 240.00 for the house and 100 for the flat.should i rent them to one family or 2 different people?thankyouHi gattaga,
Had this conversation with Scott-Depreciator, last night and my understanding was that repairs done within the first 12 months of purchase are not claimable Tax Dept says you bought it like that –tough luck!! I believe that because it is your place of residence then nothing would be claimable anyway….And repairs done after a tenant is moved in must be seen to be from damage caused by that tenant.
Cheers LenI guess that means that you need to show repairs, not complete bathroom renovations as your suggesting. Although if the first tenent was to leaaave the property after a short time, it might be posible to get SOME reno worke done that is claimable
“It’s not how much money you make, It’s how you spend it that matters.”
Aspiring property developer
Giulio Taranto
hello guys,
Not all work has to be done as result from damage by tennant. All items have a deprication schedule which you can download from your state tax office.
Major work such as a new kitchen can not be claimed straight away, but rather adds to the cost price of the property, thus when time to sell is added to the base price and off set againts CGT.
Certain items under certain value can be claimed immediately, other items depricated etc etc
Dont take this to the bank!
Cheers & goodluck
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