Asbestos removal tax claim question...

We have just paid $2750 to have asbestos sheeting removed from the front porch wall and back stairwell walls of an IP. We also had an asbestos bedroom (store room) wall and a downstairs toilet wall under the house removed.

I have read here on SS that the cost of removing asbestos can be claimed in the financial year it happens.

We must immediately resheet the walls that were asbestos. Is the cost of resheeting the rooms and walls claimable in the financial year or is it just the actual removal cost of the asbestos that is claimable?
 
It's only the removal than can be expensed, Wylie. The cost of resheeting etc you will claim at 2.5%.
Scott

My opinion is that the total cost could be claimable. There are a numerous PBRs that confirm this approach. However, there are also a few PBRs that contradict this view if the replacement is in total i.e. all of the roof or all the external walls.

There is some support for the claim in ID 2004/720 that could allow the deduction under the environmental protection concessions section 40-755 to 40-765 ITAA

However to be certain you could obtain your own Private Binding Ruling.
 
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