Search results

  1. R

    Claim House as an IP after 6 months spent on reno?

    The original post was about the owner doing the reno. They cannot claim their own labour as part of construction cost. They know the actual cost of materials and contractors. Then that is the "construction cost". It is a matter of law.
  2. R

    Claim House as an IP after 6 months spent on reno?

    Claims for interest, rates, land tax and other revenue type holding costs may still be deductible. This will be a question of fact. Diaries and accounts will be useful evidence of actual use and purpose. Mere restorative repairs may also be deductible, but "renovation" may involve...
  3. R

    Claim House as an IP after 6 months spent on reno?

    A QS cannot "enhance" the costs of a reno. If the owner incurs and/or knows the cost then that is what it is. The whole QS business exists on an ATO concessional practice of accepting estimates of capital costs in the circumstances of a property purchaser who does not have the original...
Back
Top