Adding an item I didn't pay for on depreciation report

Hello,

For all the new items that get added to my IP, I update my depreciation schedule with those items. Now, I have a hot water system that was replaced by a subscription based plumbing company. I pay them $X and they either fix or replaces plumbing related stuff.

Am I in the right for getting this hot water system added to my depreciation report ? I didn't really pay for it - but I kind of did. I guess this would also equate to items/goods replaced via insurance.

Cheers,

 

Do you claim the subscription cost as a deduction?

 

I would argue the fee you pay is not deductible in full. Imagine if every whitegoods appliance place offered a subscription to replace items ? Subscribe to my home building company. Our fee is $2200 a month for 30 years.

The expense seems to be capital in nature and without the ability to determine apportioning it would be non-deductible. Its like special levies are not deductible as such.

 

I only subscribed this year. But at the time, I was told this subscription is deductible. So I will be claiming it as a deduction

 

Is it a subscription or insurance?

 

Subscription

 

In order to claim a tax deduction I would probably seek a BPR from the Commissioner. I'm surprised the provider hasnt sought a product ruling.

 

What is a BPR ? Google hasn't helped

 

Binding Private Ruling