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From: Dan De Man
Hello All,
I am new to the forum and investment and hoping to get some insight into this area.
We recently bought a old unit using the 1st home buyers grant. The grant specifies that it must be our primary place of residence within the 1st 12 months.
Therefore we are renting the property and living with family, using the 1st 11 months rent to hit the loan.
We would like to make some improvements to the property, ultimately for our benefit and the enhance the properties value - new carpets, lights, oven, bench tops etc. At the moment we have great tenants who look after the place very well, and are accommodating and happy when I make these type of improvements/Repairs.
As I understand some improvements/repairs are tax deductible in the first year and others over 5yrs. Obviously in my case I would like to make as many improvements as possible that are deductible in the 1st year.
If anyone is clear on this issue and can provide further info and clarification I would be most appreciative.
Dan
Hello All,
I am new to the forum and investment and hoping to get some insight into this area.
We recently bought a old unit using the 1st home buyers grant. The grant specifies that it must be our primary place of residence within the 1st 12 months.
Therefore we are renting the property and living with family, using the 1st 11 months rent to hit the loan.
We would like to make some improvements to the property, ultimately for our benefit and the enhance the properties value - new carpets, lights, oven, bench tops etc. At the moment we have great tenants who look after the place very well, and are accommodating and happy when I make these type of improvements/Repairs.
As I understand some improvements/repairs are tax deductible in the first year and others over 5yrs. Obviously in my case I would like to make as many improvements as possible that are deductible in the 1st year.
If anyone is clear on this issue and can provide further info and clarification I would be most appreciative.
Dan
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