Good evening.
I was watching Margaret Lomas and some of her mates on TV the other night, and they were talking about claiming costs associated with demolition of structures that had value, i.e. a house or a carport or a shed.
I only caught the back end of the conversation.
Does anyone know whether this relates to depreciation, or an expense, or something else?
I'll be demolishing a carport soon for an investment property, and I'd like to know if I can get anything from it?
Cheers.
Yes, you could possibly claim the costs of the demolition either upfront or as part of CGT calculations, reduing cost base
and write off the carport materials in some instances
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
Thanks Terry
So what's my next move for writing off the value of the carport?
My depreciation report said it was worth about $13,000.
next move would be to speak to your tax advisor. and keep detailed records
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
HI,
Can we claim costs associated with demolition of House ? Then I'm going to build two houses in that property.
MI
As Terry mentioned, consult a tax advisor for specific advise relevant to your property.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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