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claiming power tools for investment property

Discussion in 'Accounting & Tax' started by Jackson, 19th Aug, 2015.

  1. Jackson

    Jackson Member

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    Somewhere in Aus
    Last financial year I bought a power tool set to the value of $399 and used it for various works for the investment properties and partly for personal use.

    Given the power tools were used primarily more for the investment properties, can I claim the immediate deduction of $300 instead of claiming it progressively.

    Can anyone advise if I should split the $300 between the properties or can I claim it under one property? Can anyone also advise which category should I be claiming it under (capital allowance, repairs and maintenance, sundry rental expenses etc?)
     
  2. Azazel

    Azazel Well-Known Member

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  3. Depreciator

    Depreciator Moderator Staff Member

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    It's tricky because as you said the tools are for personal use as well as for use at the rental property. You accountant might let you claim a portion of the purchase cost as 'repairs/maintenance'.
     
    BMT Tax Depreciation likes this.
  4. The Y-man

    The Y-man Moderator Staff Member

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    Nothing ever gets fixed at my PPOR.... (really.... it needs some TLC)

    The Y-man
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    The % of the original cost may be deductible if its falls under $300. ie Lets assume 2/3rd IP use.. 2/3 x $399 = $266.

    The test for deductibility applies after any adjustment for private use.

    The ATO might ask a dumb thing like if you kept a diary of the power tool use.