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If u read the ato site, it is clear that property must be "available to rent". Because i renovated prior to the property being tenanted, any cost incurred is not claimable as a repair deduction and a lot of the cost will form part of the capital base for calculating capital gains. Of course...

Singo yes. I dont regret the purchase because we created instant equity of $100k, just a lot of the things i thought might be claimable, were not or will form part of the capital base when i choose to sell. I dont plan to sell this property for quite a while.

Tonibell ... Lesson is do not renovate prior to the property being tenanted. The majority of the money spent is non tax deductible because it is classed as improvements and not repairs in the eyes of the ato .

Bought ip and renovated prior to having it tenanted. Bye bye majority of $40k worth of deductions over the next number of years.