Hi Guys,
I have a few questions around tax and the depreciation of my first IP. My wife and I are currently living in the property until the 12 month window required for the stamp duty concession runs out on the 27th of June. I am going to get a depreciation schedule completed on the property as soon as it becomes an IP not our PPOR. Is the DS tax deductible as a lump sum and if so when is it dated for tax purposes (i.e. the day it is completed or when it is paid for)? I am keen to make sure this gets done in this financial year.
My next question relates to self managing a property and documentation required for tax purposes. We will be leasing it to family members and therefore will be self managing. Is a lease agreement all that is required as proof of the lease or do we need to lodge bond etc?
My last question relates to maintenance and repairs on self managed properties. Do I need to have a formal entry report document as proof in the event of any repairs or maintenance required (so that it is tax deductible immediately)? As it is going to be rented to family I don't want to drop the ball by not having all the relevant paperwork.
Cheers HH
I have a few questions around tax and the depreciation of my first IP. My wife and I are currently living in the property until the 12 month window required for the stamp duty concession runs out on the 27th of June. I am going to get a depreciation schedule completed on the property as soon as it becomes an IP not our PPOR. Is the DS tax deductible as a lump sum and if so when is it dated for tax purposes (i.e. the day it is completed or when it is paid for)? I am keen to make sure this gets done in this financial year.
My next question relates to self managing a property and documentation required for tax purposes. We will be leasing it to family members and therefore will be self managing. Is a lease agreement all that is required as proof of the lease or do we need to lodge bond etc?
My last question relates to maintenance and repairs on self managed properties. Do I need to have a formal entry report document as proof in the event of any repairs or maintenance required (so that it is tax deductible immediately)? As it is going to be rented to family I don't want to drop the ball by not having all the relevant paperwork.
Cheers HH
