How to supply expenses to accountant after renovation?

[neaka]

Hi There,
Just hoping for some advice re. supplying details of our expenses after we recently renovated our investment property.

I am completely dumb when it comes to knowing whats claimable and whats not (which is why we have an accountant) but i do like to make it as easy as possible for him to see what our total expenditure has been for everything including maintenance/travel/renovations or improvements.

After the reno, we have a PILE of receipt from bunnings/ikea etc with multiple hardware items on them. Do i do a spreadsheet and itemise everything we bought and then let him work out from that whats actually claimable?

Usually id just do a spreadsheet of all our annual expenses but its messy this year with all the reciepts from the reno.

Any advice would be appreciated.

 

[marg4000]

Do the spreadsheet.

As this work will be considered an improvement, the expenses won't be a direct deduction.

You will probably find that the costs of the renovation are totalled and you will claim building depreciation against this amount.
Marg

 

[Peter_Tersteeg]

Hire a quantity surveyor. I've seen reports where the depreciable improvements were almost 3 times the actual cost of doing them.

The actual costs didn't include labour as most was done by the owner. Bunnings receipts won't reflect this component.