W
WebBoard
Guest
From: Will G
I have had repairs done on a bathroom in an IP but are not sure what proportion I can claim as repairs or renovations.
Tiles were falling off the wall in the shower, there were cracks in the shower screen and the vanity unit was badly water damaged.
I had everything ripped out to verify the damages and as a result had everything replaced with new items(tiles, screen, tapware and vanity unit).
Q1. What am I be entitled to claim as a tax deduction ?
Q2. What would the ATO class as 'capital improvements' that should be depreciated at 2.5% ?
Q3. If the whole lot is classed as 'Capital Improvement' can I claim the remainder of the written off value of the damaged bathroom as a tax deduction and depreciate the new bathroom @ 2.5% ?.
Cheers,
Will
I have had repairs done on a bathroom in an IP but are not sure what proportion I can claim as repairs or renovations.
Tiles were falling off the wall in the shower, there were cracks in the shower screen and the vanity unit was badly water damaged.
I had everything ripped out to verify the damages and as a result had everything replaced with new items(tiles, screen, tapware and vanity unit).
Q1. What am I be entitled to claim as a tax deduction ?
Q2. What would the ATO class as 'capital improvements' that should be depreciated at 2.5% ?
Q3. If the whole lot is classed as 'Capital Improvement' can I claim the remainder of the written off value of the damaged bathroom as a tax deduction and depreciate the new bathroom @ 2.5% ?.
Cheers,
Will
Last edited by a moderator: