I have recently purchased an investment property in Logan, it is currently advertised for rent.
Prior to tenants moving in I am having a few renovations carried out and wanted to check which of these will be tax deductible, as far as I am aware, improvements are non tax deductible but repairs are.
Renovations include-
-Repairs to exterior timber staircase and handrails, these were requested by the property manager prior to tenancy as the existing timber was rotten and considered unsafe.
-Additional toilet downstairs, a room already existed to have one built in, already tiled, toilet never fitted.
-Carpet in two bedrooms downstairs, these were just a concrete floor.
Also, should I wait until 15-16 Financial year to carry out a depreciation schedule?
From what I have seen, BMT will start the depreciation from settlement date, so the sooner I can organize this, the better?
Prior to tenants moving in I am having a few renovations carried out and wanted to check which of these will be tax deductible, as far as I am aware, improvements are non tax deductible but repairs are.
Renovations include-
-Repairs to exterior timber staircase and handrails, these were requested by the property manager prior to tenancy as the existing timber was rotten and considered unsafe.
-Additional toilet downstairs, a room already existed to have one built in, already tiled, toilet never fitted.
-Carpet in two bedrooms downstairs, these were just a concrete floor.
Also, should I wait until 15-16 Financial year to carry out a depreciation schedule?
From what I have seen, BMT will start the depreciation from settlement date, so the sooner I can organize this, the better?