I am moving from Sydney to the far north coast of NSW for work reasons. I have a number of questions and I hope to find the answer here (especially from Dale)
1. I will be renting my house from the time of the move. However to make the house more presentable to tenants, I have had to do and am currently doing maintenance work which has been neglected for years (new gutters, patching holes, replacing rusted tin roof etc.)
The maintenance would be classified repairs rather than improvements.
These repairs are being done while I am living in the house.
Are the costs tax deductible and/or depreciable, or are they just considered capital expenditure so no way to recoup except via CGT lower cost base at time of sale (which will probably be never).
2. If I am travelling on holiday and wish to view potential IPs, how much of the costs can be apportioned (if any) to the viewing of IPs and can this be deductible. Isn't this like expenditure for research into income producing activities? I already own an IP, but only 1 so far.
3. Is there any way that rental costs can be made deductible?
If a proportion of my work is done from home, can the relevant ratio be claimed off my rent as a tax deduction?
I'm sure these questions have their answers somewhere in the forum, but I would appreciate a specific response to my situation.
Regards
lordjem
1. I will be renting my house from the time of the move. However to make the house more presentable to tenants, I have had to do and am currently doing maintenance work which has been neglected for years (new gutters, patching holes, replacing rusted tin roof etc.)
The maintenance would be classified repairs rather than improvements.
These repairs are being done while I am living in the house.
Are the costs tax deductible and/or depreciable, or are they just considered capital expenditure so no way to recoup except via CGT lower cost base at time of sale (which will probably be never).
2. If I am travelling on holiday and wish to view potential IPs, how much of the costs can be apportioned (if any) to the viewing of IPs and can this be deductible. Isn't this like expenditure for research into income producing activities? I already own an IP, but only 1 so far.
3. Is there any way that rental costs can be made deductible?
If a proportion of my work is done from home, can the relevant ratio be claimed off my rent as a tax deduction?
I'm sure these questions have their answers somewhere in the forum, but I would appreciate a specific response to my situation.
Regards
lordjem