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Correct. She used to do them as a hobby, until folks started to offer to buy them off her. The advantageous part for me being is getting "mates" rate :-) and encouraging her to give it a go What does IVA [or Part IVA] stand for?

yes sir ... I'll be officially buying them off her.

Not quite. Wifey has recently forrayed into art; sold couple of her works & got commissioned for 1 more. I figure i'd be scoring brownie points + ok from tax perspective as well :-)

Appreciate the detailed response Scott ... clear as water :-) These are actual oil paintings ... but purchased for less than $300 each. In any event, the collective won't exceed $1000 ... hence LVL. Thanks again

cool. Anyone on the forum depreciated art paintings in IP's successfully (or not)? Hopefully I'm not the first one thinking of this? Scott?

in this case probably not. I'm curious as to whether I can depreciate art paintings the same as other items hanging in the property (blinds, air cons, etc etc etc) anyone?

Quick q ... would art painting's (belonging to landlord == me) hung on walls in IP be depreciable item? if yes, then qty surveyor's estimate acceptable?