All Topics / Legal & Accounting / Replacing Kitchen/Dining Vinyl? Keeping Bond?

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  • Profile photo of ijcijc
    Participant
    @ijc
    Join Date: 2002
    Post Count: 28

    If I'm replacing kitchen/dining vinyl due to general wear and tear from tenants over time, is this claimed as an immediate tax deduction or is it a capital expense? The original vinyl is remaining in the front entrance area so there is 2 different vinyls and patterns. Also, if I keep some bond for cleaning not done, can I just right the amounts off against each other and not record it, or is it an ATO requirement to record the retained bond as income, and then claim the cleaning expenses as a deduction? Any advice appreciated.IJC

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    It'll be deemed a capital expense and yes you will have to declare the bond amount as a revenue if you use e-tax there is a box for non rental income.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me | Phone Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Jeff123Jeff123
    Participant
    @jeff123
    Join Date: 2012
    Post Count: 31

    The Dark Knight is spot on.  Have to declare it as non-rental income.

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