Taxation – Deduction of repair costs

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  • 30/10/2017 at 4:59 pm #11428 Reply | Quote
    haroldo
    Flatchatter

      Hi there,

      I have a rental property in Sydney and I live a frugal life in a cheaper country from rental income. When tenants recently vacated the premises major repairs were required before the property could be occupied. These were done post haste and the final bill for painting walls, replacement of damaged carpet, kitchen doors, bathroom vanity, broken tiles, mirrors, a window etc came to $7,800.

      The income I will receive for this financial year is minimal, and I doubt very much that I will actually achieve an assessable income great enough to break through the threshold.

      I read an ATO document ‘Rental-properties-2017’ and my understanding is that I should claim this amount as a deduction within the taxation year that the costs were incurred. Is my thinking correct?

      Any and all assistance will be greatly appreciated.

      Thanks in advance.

      Haroldo

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    Reply To: Reply #28563 in Taxation – Deduction of repair costs
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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