Attempted break-in to IP

[dtraeger2k]

Hi all,

I recently had an attempted break-in to an IP which resulted in a glass sliding door being damaged.

Im just looking on some clarification on how i should handle the figures.

On the receipt from the repairer it quotes replaced damaged door, $490 (inc gst). Im thinking since it says replaced it'd be depreciable and not immediately duductable, right?

On the statement from the property manager it lists in the income section $390 received from the insurance co (since i have $100 excess). Im assuming this should be counted in the income section of the recording spreadsheet that I use (and would then be income taxed). Is this right?

Thanks in advance.

[Simon]

I think it is a repair?

The whole door wasn't replaced? Just repair of broken glass?

Better check with an accountant.

Cheers,

[Mry]

On the receipt from the repairer it quotes replaced damaged door, $490 (inc gst). Im thinking since it says replaced it'd be depreciable and not immediately duductable, right?

On the statement from the property manager it lists in the income section $390 received from the insurance co (since i have $100 excess). Im assuming this should be counted in the income section of the recording spreadsheet that I use (and would then be income taxed). Is this right?

If it was an oven or a hot water system, I'd say depreciable. If it was an object that is inseparable from the house, such as a glass door, and it was replaced to its original condition, immediate deduction.

[geoffw]

The new item would be depreciable, the old item may be able to be written off- perhaps in the low value pool?

I'm not clear on all of this, just offering an alternative...

[quoll]

On the receipt from the repairer it quotes replaced damaged door, $490 (inc gst). Im thinking since it says replaced it'd be depreciable and not immediately duductable, right?

I'd put it down as a repair and claim the whole lot this financial year. The old item is no longer there, the new glass has replaced the broken glass. Sound a lot like a repair to me.

Im assuming this should be counted in the income section of the recording spreadsheet that I use (and would then be income taxed).

You only get taxed on income less expenses, "net profit". So the $490 will suck up the $390 and you will not pay tax on any of the cash from Insurance Co.

My 2c
If I was an accountant that would be $40

cheers
quoll