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Great, thanks for clearing that up. So I guess I'll just proceed with the reno's, get a QS report done just prior to renting it out as an IP, and then I'll do a scrapping report prior to demolition. Thanks a lot guys.

Ok thanks. Should I do a QS report now? It was built in 1961 and has no significant renos done to it. Also, I plan on demolishing, subdiving and building on the block in around 5 years time.

Ok so the work is tax depreciable once it becomes an IP, obviously no cashy work then. Whereas if I wait until its an IP, all of these works can be tax deductible?

Hi guys, love the forum and looking for some advice. I am settling on a property in 2 weeks, and it needs some extensive renovations done to it. I was wondering if any of it is tax deductible, or depreciable, or neither? And If I should wait before doing any of these works until it is...