All Topics / Help Needed! / Renovation tax claim

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of ManthorpeManthorpe
    Participant
    @cmanthorpe
    Join Date: 2015
    Post Count: 6
    May 20, 2015 - 7:10 pm

    Hi guy,
    I’m about to purchase my first investment property an do some renovations, is there anything i can claim back on tax or is the whole reno non tax deductible. CHEERS!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 20, 2015 - 9:59 pm

    You can claim many things. Building works may be depreciated though.

    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 Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 22, 2015 - 5:54 pm

    Big difference between renovation and maintenance.

    This might give you some ideas.

    https://www.washingtonbrown.com.au/property-news/property-renovation/

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of ManthorpeManthorpe
    Participant
    @cmanthorpe
    Join Date: 2015
    Post Count: 6
    May 22, 2015 - 6:55 pm

    Oh yeah cool, cheers heaps guys appreciate it.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    May 23, 2015 - 7:10 am

    Just remember that because you have just purchased the property anything you do will generally not be deductible as repairs but will need to be written off over time as they willbe classed as initial repairs.

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.