Tax-Stove-Oven

[Tranquilo]

Hi Guys. I need to replace the Stove/Oven in my IP. The real-estate agent will pay for this from rental income they receive. So now I won't have my IO payment for the month.

Can I pay for the IO payment for this month from my redraw?

Or is it better to tell the real-estate agent they will need to let me know the Quote and I'll pay the Oven from my redraw.

Also so can this be claimed as deduction at tax time because the Oven is broken or is it depreciation.

Thanks

 

[depreciator]

If you are replacing the oven, you will need to depreciate it. You'll be spending less than $1,000, and you are probably using the Low Value Pool, so it can go in there.
Scott.

 

[Terry_w]

Hi Guys. I need to replace the Stove/Oven in my IP. The real-estate agent will pay for this from rental income they receive. So now I won't have my IO payment for the month.

Can I pay for the IO payment for this month from my redraw?

Or is it better to tell the real-estate agent they will need to let me know the Quote and I'll pay the Oven from my redraw.

Also so can this be claimed as deduction at tax time because the Oven is broken or is it depreciation.

Thanks

best to pay your own bills in general and especially in this case, otherwise you would be borrowing to pay interest.

 

[Scott No Mates]

If you are replacing the oven, you will need to depreciate it. You'll be spending less than $1,000, and you are probably using the Low Value Pool, so it can go in there.
Scott.

Why would you want to throw the stove into the pool?

 

[depreciator]

We did once have a client who called up pretty cranky and accused us of not inspecting her property but still charging for an inspection.
She was put through to me. I was confused because I could see a QS had been there. She thought she had me and said, 'Well, if that really is the case, can you tell me (Mr Smarty Pants) why there is a pool in my depreciation schedule?'

 

[sanj]

Hahaha awesome. Did you keep a straight face?

 

[coastymike]

If the oven was less than $1k going to be better sitting in the pool. Ok not literally it probably wont work or cause some serious burns.

Ovens have an effective life of 12 years so using the DV method thats 16.67% per annum. The LVP will give you 18.75% in year 1 and 37.5% thereafter so depreciation benefits will be better if it can go in the pool.

 

[Tranquilo]

Thanks Guys. Yep it did come in under $1000 and removal of the old stove

depreciator I think I read your in Marrickville if so have you been to Goni's

best to pay your own bills in general and especially in this case, otherwise you would be borrowing to pay interest.

Hi Terry I thought it was good to borrow for expenses but you don't think so in this case.

 

[Terry_w]

Thanks Guys. Yep it did come in under $1000 and removal of the old stove

depreciator I think I read your in Marrickville if so have you been to Goni's





Hi Terry I thought it was good to borrow for expenses but you don't think so in this case.

Yes it is, just not borrowing to pay interest without tax advice.

 

[depreciator]

I haven't heard of Goni's? What is it?

 

[Tranquilo]

I haven't heard of Goni's? What is it?

Goni's Schnitzelria on Marrickville RD 1kg Schnitzels different styles, also 1kg rumps just go hungry