Improvement or repair.

[Nikolina]

Im doing my tax schedule at the moment and am not sure of some things. I had to replace my oven earlier this year because it broke so would this be an repair or an improvement?

Thanks
Nika.

 

[ziggy2214]

I think it is a repair depreciatable over several years

 

[Piston Broke]

How can a not repaired oven be a repair?
You depreciate capital items, not services and expenses.
Was it replaced with a better one? Then likely a capital improvement.
I'm sure the bantacs freebies will give more info.

 

[BV]

How can a not repaired oven be a repair?

I think she wanted to know if she can claim all the cost in 1 go or if she will have to depreciate it.
IMO she'd have to depreciate it but is there any unclaimed value left from the old oven?
Her accountant will have to write it off

 

[depreciator]

Yep, as Bill said if an item is replaced (as opposed to being repaired) it needs to be depreciated.

If the old oven has been in the Low Value Pool and the Pool has been used by the taxpayer, the old oven needs to stay in the Pool.