Repairs to Vehicle..

[duncan_m]

Hi everyone,

Would repairs to a vehicle purchased for our property business be tax deductible, especially those repairs falling within the first 12 months...

I guess what I'm asking is do the rules that relate to repairs in the first 12months of the ownership of an IP also relate to other classes of Assets?

Cheers, Duncan.

[Sunstone]

Dear Duncan,

In all my businesses I have certainly claimed all motor repair expenses in the first 12 months and not had to depreciate them over a five year period. This includes items such as brake repairs.

If you are taking about a total engine replacement however this may bring you into a grey area.

Cheers,

Sunstone.

[duncan_m]

Originally posted by Sunstone

If you are taking about a total engine replacement however this may bring you into a grey area.



Well, ground up, back to bare metal, complete strip down restoration actually. :-)

To be sure, the primer is indeed grey.

Dunc.