All Topics / Legal & Accounting / Renovating my IP

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  • Profile photo of wade anthonywade anthony
    Participant
    @wade-anthony
    Join Date: 2007
    Post Count: 53
    May 20, 2011 - 9:53 am

    Hi people,

    – I'm looking at renovating and extending my IP. To what extent can I claim on tax?
    – Is there some things that are not tax deductible?
    – Does a trades person have to make it a deduction?
    – Is there any links to web sites that can give a list that are deductible?
    Cheers

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 21, 2011 - 7:50 am

    Building works will need to be depreciated over 40 years. Smaller items such as fittings and fixtues will be able to be depreciated over a shorter period depending on the item.

    A trades person does not have to do the work to make it a deduction.

    Basically all items associated with a property can be deduccted somehow. Also factor in your travel expesnses – but not your labour as you cannot employ yourself.

    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

Viewing 2 posts - 1 through 2 (of 2 total)

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