I am looking to engage with a couple of tax accountants though putting it out here to see if anyone can provide any advice as this must have been experienced by a few people in the past.
Owners in our apartment complex have been hit with a large special levy and would like to know the best way it can be written off.
We would like to put this down as repair works rather than capital item as this work was completed for fixes and not to improve the value of the property.
I have been advised that with large deductions the ATO will most defiantly challenge this and force the cost to be written down as capital improvements.
Because of this I have also been advised that a specialised accountant is required who which will cost upwards of $7000 as apposed to my current tax accountant.
Owners in our apartment complex have been hit with a large special levy and would like to know the best way it can be written off.
We would like to put this down as repair works rather than capital item as this work was completed for fixes and not to improve the value of the property.
I have been advised that with large deductions the ATO will most defiantly challenge this and force the cost to be written down as capital improvements.
Because of this I have also been advised that a specialised accountant is required who which will cost upwards of $7000 as apposed to my current tax accountant.