Security Improvements to Unit Complex

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From: David Lutan


Hi Team,
I have a Unit in Curtin ACT and was contacted by our Body Corporate about increasing security for the Complex.

Although we will be seeking quotes for various options to improve the Complex's security, it is likely that if we installed say a good security door and intercom system at all the Complex's entrances we would not have enough dollars Oz in the sinking fund to cover the security upgrade cost. The Body Corporate, if approved by Committee, would then seek additional monies from Unit Owner's.

Okay, finished the preamble, I assume the Security improvements are taken as capital improvement by the ATO. Thus, if each Unit Owner is required to pay say $2K towards the Security Improvements, how would I be able to claim my share of "Security Improvements" from a Tax claim perspective - ie Do I depreciate my $2K's worth at 2.5% over 40 years or can I claim the $2K over one year because it is a Body Corporate imposed levy?

Any suggestions on how Tax deduction/depreciation would/should be handled and any ideas about how to improve security at main entrances to units would also be appreciated.

Thanks Heaps in Advance.
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

I would expect that you can claim the depreciation on the amount that you are out of pocket for the security system.

However, if the body corporate fees are not broken down into identifiable parts then you would be within your rights to claim the cost as an outright tax deduction.

Good luck either way

Dale
 
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Reply: 2
From: Duncan M


>I have a Unit in Curtin ACT
>and was contacted by our Body
>Corporate about increasing
>security for the Complex.

Another reason I dont like unit's.. Body Corporates run by predominatly owner occupiers love spending money, especially if there's a healthy balance in the slush fund..


Regards,

Duncan

 
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Reply: 3
From: David Lutan


Thanks Dale and Duncan

Dave
 
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