The property was settled in May 2014 with the reno starting soon after and finishing in FY15. It has been suggested that a QS report be obtained to reduce tax in FY14. However, it seems to me - possibly mistakenly - that a reno that is incomplete on 30 June cannot be included in that FY, and that depreciation starts when the reno is finished. In this case it will perhaps be pro rata for most of FY15.
Can someone please clarify the above? TIA.
Can someone please clarify the above? TIA.