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Renovating an investment property to live in

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d8288w | 20 Jul 2015, 07:06 PM Agree 0

My partner and I have leased out a house for about 5 years now, we are looking to move back in to it and freshen up paint carpet etc... Our accountant had indicated that some of these expenses were deductable, however I am wondering how much of the financial year that the house would need to be leased for these expenses to be claimable, I'm worried that we are only 3 weeks in to the financial year and if we evict them too soon then there will be nothing to claim. Can anyone shed some light on this for me??
  • kulzerdipadova | 01 Aug 2015, 02:34 AM Agree 0
    I heard that "Fortunately renovations don't need to be wildly expensive, nor do they need to be big complicated projects. In fact, the kind of kitchen and bathroom overhauls you often read about require significant cash outlay and provide comparatively small returns. By aligning your renovations with typical tenant criteria you can achieve an extra $10, $20 or even $50 rent a week without breaking the bank".

    Hope this information helps you....

    Thanks for sharing..
  • julia | 26 Sep 2015, 09:15 PM Agree 0
    IT 180 allows you to claim repairs relating to the period the property is rented, after the tenants have moved out providing the cost is "incurred" before the end of the financial year in which the property last earned income.
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