Depreciation question

From: Felicity W.


Hi all
Recently I attend a Peter Spann introductory night, and one of the things he talked about was giving properties a face lift and then claiming the costs.
I'm confused at this point - I thought capital improvements couldn't be claimed, only repairs? Or am I thinking of deductions? Is it a case of claiming the renovations through depreciation?
Both my IP have been new and I haven't had to worry about this one - just about getting the depreciation schedule out of the builders ;-)
Keep smiling
Felicity :cool:
 
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Reply: 1
From: Felicity W.


Very true Michael - which is why I have QS reports for both of them!
I've yet to find an IP savvy accountant, because I haven't really needed one. But I've been looking at doing a facelift type property next, so if we do go ahead and do it, I can see the right accountant is going to be essential.
Keep smiling
Felicity :cool:
 
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