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Thanks for this :) Thanks for clarifying. I do find it interesting though that the previous owner could do the EXACT same stuff and it would be maintenance, yet once it trades hands, it's a renovation (painting is hardly renovating, nor is cleaning carpets for example). That's a good...

Thanks for this. Yes, 3 is not an option haha. Looks like option 1 is probably the best, depending on how much you spend of course. It is also the simplest (deducting a few thousand dollars over 40 years is hardly worth it - and is a pain to keep records of). Comes back to the question I...

If that's the case, wouldn't you be better off not even claiming it at that point, and rather getting a depreciation report done after the 'improvements' are all complete and depreciating at the respective rates then? I haven't looked into the depreciation yet (it's next on my to do list)...

Hi SSers, So I've been doing some research on the tax treatment of maintenance costs (e.g. painting, cleaning carpets etc) on an IP prior to renting (i.e. you buy a dilapidated house and restore it to original condition). The ATO says the following: Can you claim the cost of repairs you...