Hi everyone,
I think I've got this correct, but I just wanted to check. Let's say I bought a flat, moved in and renovated the bathroom and kitchen for $28k. It's an old flat built in the 1970s. If I then move out and rent the flat, can I then claim the cost of the renovations under special building write-off for the next 40 years at 2.5% per year? Therefore, in my tax return, I'd be able to write-off or deduct $700 per year for these renos.
Cheers
John
I think I've got this correct, but I just wanted to check. Let's say I bought a flat, moved in and renovated the bathroom and kitchen for $28k. It's an old flat built in the 1970s. If I then move out and rent the flat, can I then claim the cost of the renovations under special building write-off for the next 40 years at 2.5% per year? Therefore, in my tax return, I'd be able to write-off or deduct $700 per year for these renos.
Cheers
John
