hi everyone,
I am currently building a 145,000 dollar granny flat on my principle place of residence and was wondering if these things are deductible and depreciable?I also needed to cut down trees to build the granny flat.is that deductible?
And one last thing.We will build a fence separating our property and the granny flat.is this deductible?
Thanks
If you were deriving income from the GF then the expenses would be deductible against any income to the extend that they relate to the income.
But capital items would be deductible by depreciating the items.
Beware of the CGT sting too as there are a few issues to consider and ways to reduce its effect.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Any cost for a granny flat build and of course, on-going maintenance, is tax deductible.
You can use a quantity surveyor for calculating depreciation but generally you'll use a proportion system for depreciation.
As always, talk to your accountant for the best advice on tax.
Brazen.
Brazen | Granny Flat Approvals Sydney
http://www.grannyflatapprovals.com.au
Email Me | Phone MeGranny Flat Approvals Guru
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