IP is about to settle (next week) can I buy white goods and furniture?

My first IP is about to settle (next week) can I buy white goods and furniture and do something tricky where they become tax (income) deductible??

I'm renting the IP out completely. So... can I have things that are tax deductible? how does it all work?

So far I have paid Stamp Duty (say $30k)? is this tax deductible? or only when I sell?

I also paid my solicitor $1k is this tax deductible?

Also anything I spend on the property I can tax (income deduct?)

White goods and furniture? like fridge and washing machine say $2k each for example.

Can some one please explain? :confused:
 
My first IP is about to settle (next week) can I buy white goods and furniture and do something tricky where they become tax (income) deductible??

No need to do anything "tricky" other than keep receipts. Any expense related to the IP will be deductible to a greater or lesser extent. Some items can be claimed in full in the year they were incurred, others need to be depreciated over the expected life of the item.

An accountant knows all this. Alternatively, the information is freely available at the ATO web site for you to read.
 
No need to do anything "tricky" other than keep receipts. Any expense related to the IP will be deductible to a greater or lesser extent. Some items can be claimed in full in the year they were incurred, others need to be depreciated over the expected life of the item.

An accountant knows all this. Alternatively, the information is freely available at the ATO web site for you to read.

Oh Ok I see... :)

if the item is expected to live 5 years and I spent $5k then I put $1k each year type of thing?

that's pretty tricky i think.:cool:

I will keep all receipts. :D
 
Also if your IP was built post 1985 make sure you get a Quantity Surveyors report done. Otherwise known as a depreciation schedule. Give this to your tax accountant for processing your EOFY returns.
 
Also if your IP was built post 1985 make sure you get a Quantity Surveyors report done. Otherwise known as a depreciation schedule.

the property is built in 1985 exactly... so what does the quantity surveyor report do? how does it benefit me? My PPOR is 10 years older... when you say POST 1985 do you mean 1986 1987?

Can you put some example numbers so I can understand better?

so I get a report and the report costs me $200 how do I get the $200 back?:confused:
 
the property is built in 1985 exactly... so what does the quantity surveyor report do? how does it benefit me? My PPOR is 10 years older... when you say POST 1985 do you mean 1986 1987?

Can you put some example numbers so I can understand better?

so I get a report and the report costs me $200 how do I get the $200 back?:confused:

Off the top of my head the date for residential depreciation is post 17 July 1985.

The cost of the report is fully tax deductible.

You can read up about it on Depreciator's Website. Scott the owner is also a forumite, knows his stuff and a great guy.

Download his free ebook too.

I hope this helps.
 
You don't 'get your $200 back', it's an income deduction.

Might want to research a lot more in this property investing game before you get burned, and give out more poor advice on other threads.

pinkboy.
 
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