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depreciation

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newtothis | 06 Nov 2014, 08:15 AM Agree 0
Hi,
Just after an opinion please. We have an investment property that we are currently renovating that we will rent out after completion. We intend to live in the house in a few years.
In terms of gaining from the depreciation, would it be worth putting items in like plantation shutters (approx 9k)? Or would it not be worth it and we should wait till we live in it??

  • TaxPro | 06 Nov 2014, 10:15 AM Agree 0
    The higher your taxable income the more beneficial it will be. Assuming you earn over the tax free threshold, it is best to obtain a quantity surveyors report upon completion of the renovations. You will then receive generous tax deductions each year in which the property is leased. However, any depreciation claimed will be added to your profit/subtracted from the loss you will make once the property is sold.
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