deductions? on newly acquired property

[mitta]

Hi all,

Query on when to add some new improvements. Say we purchased an existing dwelling and after settlement advertised it for rent.

While waiting for tenants or after the tenants have moved in, would I be correct in saying we would be able to claim deductions on the cost and installation of an air conditioning system (Div 40), also deductions for several additional kitchen cupboards and a microwave shelf (Div 43) ??

I may be confusing myself here with the ability of not being able to claim a deduction on REPAIRS that you knew had to be done when purchasing the home or doing these repairs prior to you advertising for tenants. Would this be correct ? I think I've got my head around it.


Mark

 

[julia]

Mark
Yes, You would get to write of the air conditioner (over 10 years I think) under Div 40 and the additional cupboards and shelf under Div 43 (over 40 years).
It does not matter if you do not have tenants in there when you incur these costs but you can't start to claim until the tenants are there.

Julia
www.bantacs.com.au