G'day all,
Newbie question: I will be moving out of my current PPOR and convert it into IP in July.
I am considering potentially doing a few works on the place before marketing it for rental and wanted to better understand the tax implications.
As far as I understand, practically repair or maintenance works will be immediately tax-deductible as the property wasn't rented before (it was my ppor).
The below is my current understanding - am I on the right track??
1. Replacing the fitted carpets, and vertical blinds on patio doors: not tax deductible, but is capital works and can be depreciated over x years depending on depreciation schedule.
2. Cleaning the property: not tax deductible - not depreciable
3. Professional painting of the property: not tax deductible - not depreciable
tax deducting repairs when converting PPOR to IP
Newbie question: I will be moving out of my current PPOR and convert it into IP in July.
I am considering potentially doing a few works on the place before marketing it for rental and wanted to better understand the tax implications.
As far as I understand, practically repair or maintenance works will be immediately tax-deductible as the property wasn't rented before (it was my ppor).
The below is my current understanding - am I on the right track??
1. Replacing the fitted carpets, and vertical blinds on patio doors: not tax deductible, but is capital works and can be depreciated over x years depending on depreciation schedule.
2. Cleaning the property: not tax deductible - not depreciable
3. Professional painting of the property: not tax deductible - not depreciable
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