Tenant pays for new garage door

Discussion in 'Accounting & Tax' started by SimonQld, 18th Sep, 2017.

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  1. Anthony Brew

    Anthony Brew Well-Known Member

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    Does that mean if say your house burned down and insurance paid for a new house then you as the owner could claim depreciation as though you paid to build the new house yourself?
     
    Anthony Brew, 19th Sep, 2017
    #21
  2. SimonQld

    SimonQld Well-Known Member

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    Yes.
     
    SimonQld, 19th Sep, 2017
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    And there is a specific CGT event that means there is no tax payable on the destruction / rebuild etc. There is a time limit and advice is always recommended. If you dont rebuild different tax outcomes arise incl scrapping and assessable amounts that offset it, lost rent income perhaps... I have had a few clients in this boat. Its not always a fair outcome IMO
     
    Paul@PAS, 19th Sep, 2017
    #23
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