- balniksParticipant@balniksJoin Date: 2006Post Count: 31
Just a quick one on how to work out the base cost of a PPOR turned into IP. I believe i may have mucked up my tax return this year, as i’ve since read something i may have missed out on.
Purchase price plus fees etc was approx $160k, i sold for around $207 after deducting selling fees etc too. But i’ve since read that renovations can be added to lower the base cost? As my tax return stands now i owe about $5k. I was happy to pay that, but if i can get it down to nothing, then that would be good!
So i renovated when the place was my PPOR, then i rented it out and sold after. Can i add the reno’s onto the base cost? As per my Depreciation Schedule “Qualifying Capital Expenditure incurred on eligible capital works” residual value – was nearly $40k.
So if i understand, could this have been added to the cost base i worked out of approx $160,000? Any advice is appreciated.
Thanks!crjParticipant@crjJoin Date: 2004Post Count: 618