Comments on: Understand how Investment property renovations increase tax deductions, rent and property value

By: Candy

Candy — Fri, 09 Feb 2024 22:54:31 +0000

I have stopped renting our house in September 23. We have an ensuite bathroom that is leaking from the shower that has been leaking for a while into a wall and through to the next room. The bathroom will need to be pulled out and replaced. The carpet needs replacing. What can I claim? It is not being rented at present.

By: The BMT Team

The BMT Team — Sun, 27 Nov 2022 22:46:26 +0000

Hi Cathy,

Thanks for your comment.

As we are not aware of your full financial position or sources of income that can influence lodgement requirements it is best to discuss with your accountant or the ATO. The ATO has a calculator that helps determine this or contact them directly.

Thanks,
The BMT Team.

By: Cathy Sheldrick

Cathy Sheldrick — Thu, 20 Oct 2022 07:27:15 +0000

We put in a new kitchen, painted and new furniture and TV in our investment unit last year. Around $22,000.
My partner is on a pension and our accountant says we don’t have to lodge a tax return as he doesn’t need to pay tax. My partner owns the property 99%. We were advised to do it that way as he was the income earner at the time of purchase. Better tax benefits.
Even though he is a pensioner now, shouldn’t he still be lodging a tax return in order to claim depreciation? I’m not terribly cluey when it comes to these issues.

Thankyou
Cathy