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Claiming Renovation Cost Interest on Tax

Discussion in 'Accounting & Tax' started by Pete Prescott, 20th Oct, 2015.

  1. Pete Prescott

    Pete Prescott New Member

    Joined:
    20th Oct, 2015
    Posts:
    4
    Location:
    Victoria
    Hi All,

    I recently finished a renovation on my rental property which I payed for by personal savings ~50K.

    I have recently re-valued the house and released a substantial amount of equity from the result of the reno's.

    I would like to use some of the equity and put back the cost of the reno's (50K) back into my savings account.

    If I do this, can I claim the interest on this (50K) amount back on tax as deductible debt for the reno's even if I started this equity loan after the reno's were completed?

    Thanks,
    Peter
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide

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  3. Terry_w

    Terry_w Structuring Broker and a Structuring Lawyer Business Member

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  4. D.T.

    D.T. Specialist Property Manager Business Member

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  5. Pete Prescott

    Pete Prescott New Member

    Joined:
    20th Oct, 2015
    Posts:
    4
    Location:
    Victoria
    Thankyou for the replies.
    Ill take this as a lesson learnt.
    At least I have a nice deposit sitting there now for the next move.