Joint Tenants When parties own property as joint tenants, this means that: all joint tenants have equal ownership and interest in the property; and a right of survivorship exists. Commonly, joint tenants are husband and wife or couples in long-term relationships and unless you specify otherwise when you are purchasing the property, the law assumes […]
Rental Expenses you can claim now Claimable expenses may include but are not limited to: advertising for tenants bank charges body corporate fees cleaning council rates electricity and gas gardening and lawn mowing in-house audio/video service charges insurance – building, contents, public liability, landlord insurance interest on loans land tax legal expenses lease costs –
Rental Expenses. What you can and cannot claim. Read More »
The cost of the repairs to damage that existed when the property was purchased will not be allowed as a deduction as it has been taken into account in the purchase price of the property. Details of the non-allowable deductions should be kept as they will affect the cost base of the property on disposal
Initial Repair Rule Read More »
It is a good idea to engage a Quantity Surveyor to provide you with a Depreciation schedule for your investment property so that you are able to claim the maximum amount of depreciation. You never know, you could be missing out on thousands of $ worth of depreciation deductions. We recommend BMT https://www.bmtqs.com.au/
Quantity Surveyors Report Read More »
Division 40 – Plant and equipment refer to items that are fixtures and fittings, usually known as easily removable assets. Any items that cost below the instant asset write off / full expensing provisions and that do not form part of a group, can be immediately written off. All other Plant and Equipment above the
Depreciation – ‘Division 40 – Plant and Equipment’ Vs ‘Division 43 – Capital Works’ Read More »
A claim for repairs and maintenance is fully deductible in the year the cost occurred. However be carful because there is a fine line between ‘repairs and maintenance’ and ‘replacement of old with new’. A replacement of old with new is classed as an new asset / improvement and will need to be depreciation over
Repairs and Maintenance Vs New Asset Improvement Read More »