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Repairs under $300 PA?

Discussion in 'Accounting & Tax' started by smallbuyer, 1st Oct, 2015.

  1. smallbuyer

    smallbuyer Well-Known Member

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    25th Jun, 2015
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    WA
    Hello,

    I have read somewhere that claims of $300 or less for repairs and maintenance per property per year don’t even get looked at or checked by the ATO? Presumably you don’t need to keep receipts if this is the case. Can anyone confirm this or has anyone heard similar? I am talking about total repairs R&M not individual items :)

    Cheers,

    Smallbuyer
     
  2. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent

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    I also heard that President Nobongo also has $11m USD in a secret account and needs my help to transfer the funds out of his country.

    think they are referring to work related claims greater than $300
     
    Last edited: 1st Oct, 2015
  3. smallbuyer

    smallbuyer Well-Known Member

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    WA
    Only $11m? isnt that just your cut? I have heard about work claims but am curious about repairs. Perhaps it is that they turn a blind eye to things when the total is under $300, consider that fair R&M or something?
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    No I don't believe so.

    As someone who's faced the ATO in the tribunal, it's not an experience I'd recommend
     
  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I think you are probably getting this confused with < $300 items that can be written off immediately for depreciation purposes.
    https://www.ato.gov.au/Individuals/...estions-D1-D10/D6---Low-value-pool-deduction/
     
  6. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Capital expense items under $300 can be written off but a receipt is required.