fully furnushing an ip- deductions

[r3ckless]

Hi guys. Hopefully in the next 3 months i can get a new ip.

i have tenants lined up for the bext 5-10 years and looking to fully furnish the placd also.

how long can i claim deductions of the furnished place. Ie claim back the items if furniture i purchased?

Hiw is this tracked?

What items are claimable etc?

In simple terms. I am looking at furnishing a house entirely and seeing what/how much i can claim?

 

[vaughan]

A lot of this information is available from the ATO web site:

https://www.ato.gov.au/Individuals/...g-rental-properties/Rental-property-expenses/

There is also a document that you can download, to can request as a hard copy:

https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/ind00342353n17290613.pdf

 

[redwing]

Hi guys. Hopefully in the next 3 months i can get a new ip.

i have tenants lined up for the bext 5-10 years and looking to fully furnish the placd also.

how long can i claim deductions of the furnished place. Ie claim back the items if furniture i purchased?

Hiw is this tracked?

What items are claimable etc?

In simple terms. I am looking at furnishing a house entirely and seeing what/how much i can claim?

Easy

Contact a company like Depreciator

And get a depreciation schedule done

 

[superAndrew]

how long can i claim deductions of the furnished place. Ie claim back the items if furniture i purchased?

Hiw is this tracked?

What items are claimable etc?

In simple terms. I am looking at furnishing a house entirely and seeing what/how much i can claim?

You can claim all furniture, white goods, etc

Items under $300 don't have to be depreciated but can be claimed straight out as a deduction. Eg. Table: $300, 4xchairs: $50 each = $500. Can't be claimed as a deduction. A set cannot be split into individual items. If you just bought the table then you can deduct it.

For items item between $300 - $1000 you can use a low value pool. Here each item is treated individually and not as a set.

Andrew

 

[r3ckless]

Nice, thanks for that. What about electronic items like TV/PS4? laptop computer possibly?

 

[Coota9]

SuperAndrew,

If the property is under 2 names eg Bill & Ann Smith are you able to claim $300 x 2 as a straight claim which would allow up to $600 in a single claim?

Coota

 

[marg4000]

Nice, thanks for that. What about electronic items like TV/PS4? laptop computer possibly?

So you are going to include a laptop in a furnished rental ?????

Expect a tough time if you are audited by the ATO.
Marg

 

[superAndrew]

SuperAndrew,

If the property is under 2 names eg Bill & Ann Smith are you able to claim $300 x 2 as a straight claim which would allow up to $600 in a single claim?

Coota

Yes the rule applies to your portion of the item. So in your example if you have a 50/50 share then yes.