you can't claim tax back for renovations on your rental property?

[annaspanna]

is this correct?

[AMR]

By renovations, do you mean improvements or repairs? What is the nature of the renovation?

My understanding is that you can claim repairs as an expense while improvements are a capital cost which can be depreciated...

[annaspanna]

improvements.

[Tan]

If you mean GST, that's right, you can't claim it on residential property as you don't charge it to tenants.

Income tax/depreciation - in full agreement with AMR.

[spaceman]

The short version

is this correct?

No, this is not correct.

Cheers
Spaceman

[Heg]

No, this is not correct.

Cheers
Spaceman

So now annaspanna, it appears that you have to ask Spaceman "why is this not correct? Could you please explain to me".

It would have been waaaaaaaay to difficult for him to answer at length in the first place.
MEN!!!

[MoatMaster]

General rule is that if it adds value to capital item - depreciated. Otherwise expenses.

The questtion was "
you can't claim tax back for renovations on your rental property? Is that correct?
Answer - no this is not correct.

[Keys]

General rule is that if it adds value to capital item - depreciated. Otherwise expenses.

The questtion was "
you can't claim tax back for renovations on your rental property? Is that correct?
Answer - no this is not correct.

*waits for comment from Heg*

[Heg]

*waits for comment from Heg*

LOL!! Yes, I am grumpy today. To be fair, it is the kind of quite literal answer that I regularly supply to my husband...when I want to annoy him.

Darling lovely (usually very helpful) Spaceman -please could you elaborate upon your answer?

[MoatMaster]

Why say in 20 words what can easily be said in two.

[Keys]

Why say in 20 words what can easily be said in two.

GO AWAY

[annaspanna]

LOL!! Yes, I am grumpy today. To be fair, it is the kind of quite literal answer that I regularly supply to my husband...when I want to annoy him.

Darling lovely (usually very helpful) Spaceman -please could you elaborate upon your answer?

Thanks Heg
I was getting there sorry.
I havent been able to get back on here. Not allowed to view this site at my work.
Apologies

[annaspanna]

Thanks for the clarification. Just looking at what I can offset against my rental inc. I dont think any of what I've done can be classed as repairs darn.

[drelly]

Hi Anna. What have you done?

[Heg]

GO AWAY

A very much more polite 'two words' than mine would have been..