Initial repair for my rental property- can i claim it?

By |2024-01-15T15:52:14+11:0025/03/2022|Categories: Blog, Taxation|Tags: , , |

An Initial repair occurs when you acquire a new rental property with existing known repairs. The old house might need fixing before it can be rented. Initial repairs may include such things as plumbing, painting, new carpet or appliance repairs, to name a few. Initial Repair must be capitalised! Though Initial repair cannot be claimed outright in the first tax year, there is some tax relief. These repairs should be treated as a capital expense. Treating them as a capital expense will add them to the property's cost base. We are often asked what the tax treatment of an initial [...] READ MORE