All Topics / Help Needed! / Renovation tax claim

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  • Profile photo of ManthorpeManthorpe
    Participant
    @cmanthorpe
    Join Date: 2015
    Post Count: 6

    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

    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

    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

    Oh yeah cool, cheers heaps guys appreciate it.

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    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)

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