I'm thinking of buying a old full brick duplex which has been converted into a single home and converting it back into two IP's.
It is still on 2 titles with 2 water,gas and electricity meters.
Things I will need to do are:
* new rear fence dividing the two properties.
* replace the rear fence with colourbond and include a gate which isn't there currently.
* Brick up 2 internal walls which were opened up
* render and paint internal walls related to above
* re-install an internal door which has been closed up
* install a complete new kitchen, including stove and sink which was removed. Services still nearby.
* install a new instant gas hot water service to replace faulty one.
* wall mount a flat screen TV.
Where would I sit regarding these costs in regards to tax and depreciation claimable?
All work would be done by tradesmen, not me. The building is in good condition currently so most of my proposed changes are not really repairs they are simply returning the building to its original layout for investment purposes.
If I proceed I will get a full deprecation schedule drawn up, just trying to crunch some numbers at this stage.
It is still on 2 titles with 2 water,gas and electricity meters.
Things I will need to do are:
* new rear fence dividing the two properties.
* replace the rear fence with colourbond and include a gate which isn't there currently.
* Brick up 2 internal walls which were opened up
* render and paint internal walls related to above
* re-install an internal door which has been closed up
* install a complete new kitchen, including stove and sink which was removed. Services still nearby.
* install a new instant gas hot water service to replace faulty one.
* wall mount a flat screen TV.
Where would I sit regarding these costs in regards to tax and depreciation claimable?
All work would be done by tradesmen, not me. The building is in good condition currently so most of my proposed changes are not really repairs they are simply returning the building to its original layout for investment purposes.
If I proceed I will get a full deprecation schedule drawn up, just trying to crunch some numbers at this stage.
