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I'd say so. But your accountant will advise. Don't move into the place before doing the reno. Of course, if the bathroom and kitchen are pre 87 they're not worth anything if you toss them out. And if you've been depreciating the carpets there won't be much left in them either.

Gee, this is an old thread. http://www.ato.gov.au/corporate/content.aspx?doc=/rba/content/1011236649330.htm In answer to your question, Grant, 'a while' is long enough to demonstrate your intention I guess. One week wouldn't cut it, I'd say. Three months might be enough. You could...

If the place has been rented out, there is no problem. We had a client years ago who got a Ruling on that same scenario i.e. they bought a place, rented it out for a while, then bowled it over and 'scrapped' it. Scott

Hi Julia, They don't post them for a month, so right now it only has a case number. Send me an email and I'll forward it to you. Scott

Think of depreciation as compensation for wear and tear by tenants. If the tenants can't use something because it's under the house or locked away, there is no compensation. It's best for a few reasons to get tenants into a place and collect some rent for a while before doing anything to...

These are getting talked about more and more. The term 'scrapping schedule' is not an ATO term. It's been made up by a QS - not a bad name, I have to admit. The typical scenario is: You buy an IP and do a reno straightaway. You toss out the carpet, curtains/blinds, stove etc and claim...