Hi everyone,
I am a long time memeber i havent been on for ages and forgot my username and password! So this is post #1 under my new username!
Just wondering if anyone can give me some info. We have an 'investment' property on QLDs Sunshine Coast and have recently been advised that the exisitng septic system (it is rural) isnt adequate anymore and needs relocating and replacing. We have to have a design drawn up and go through council and have it all done properly which is looking to set us back close to 10K.
I have been told that there are absolutely no tax benefit to doing this type of work (ie can we claim any of it in our tax return?) the only thing i have heard is that you claim any loss against your capital gains tax when you sell? I am not tax savvy but was really hoping we would get abit of $ back for the expense come tax time????
Can anyone advise what the deal is with septic system work on an investment? Are there any loopholes? This is killing us financially to the point where we may have to sell.
Many Many Thanks!
I am a long time memeber i havent been on for ages and forgot my username and password! So this is post #1 under my new username!
Just wondering if anyone can give me some info. We have an 'investment' property on QLDs Sunshine Coast and have recently been advised that the exisitng septic system (it is rural) isnt adequate anymore and needs relocating and replacing. We have to have a design drawn up and go through council and have it all done properly which is looking to set us back close to 10K.
I have been told that there are absolutely no tax benefit to doing this type of work (ie can we claim any of it in our tax return?) the only thing i have heard is that you claim any loss against your capital gains tax when you sell? I am not tax savvy but was really hoping we would get abit of $ back for the expense come tax time????
Can anyone advise what the deal is with septic system work on an investment? Are there any loopholes? This is killing us financially to the point where we may have to sell.
Many Many Thanks!