All Topics / Help Needed! / Tax deduction – work started prior to tennants but completed after?

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  • Profile photo of snapersnaper
    Member
    @snaper
    Join Date: 2005
    Post Count: 9
    October 12, 2009 - 12:58 am

    Just wondering if anyone would be able to provide some understanding on the following situation:

    PPOR – had to do a fairly major repair (21k retaining wall that fell down) while this property was our principal place of residence.

    We decided to relocate and keep as investment, and they work was completed several months after there were tenants in there.

    How would this classify in a tax ruling? I’m presuming that the work would need to be started after being available for rent?

    Thanks,
    Simon

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 12, 2009 - 1:51 am

    probably capital works. You should get a depreciation scedule done as it sounds like you don't have one. you could be missinh out on thousands in other deductions.

    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

    Profile photo of snapersnaper
    Member
    @snaper
    Join Date: 2005
    Post Count: 9
    October 12, 2009 - 1:56 am

    Correct – no depreciation schedule – and this is the content of my other post :)

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