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You should ensure you get a Tax Depreciation report done on the purchase of the property no matter how old. The additional works you will be carrying out will also be included within your Depreciation Schedule.

You will be paying tax at 37% on this income level reducing you Taxable Income through Tax Depreciation Entitlements. This will save you around $3,500 in income tax based on a estimate of $9,500 in your first year.