Time for stage 2 of our plan, what will be claimable?

10 months have passed since we started living the dream on this thread where I was made redundant and moved aboard a small ship to live.
Just got made redundant, feeling happy but need a financial planner, I think.

We have been having a great time, best thing we could have done for our sanity and relationship but its time to face reality and do something with our house which has been "dumped" during our time on board.

The house was in need of renovation when we bought it a decade or more ago but we put up with in in favour of paying the house off rapidly which we did.

Now we are on the boat we have decided to either sell or rent the house to supplement our super/pension and renting won but for this it will need some work done and I am not inclined to do it myself but will be organising various trades.

My question is regarding accommodation while this is done.
If I bought a house as an IP not in the same area and it needed work surely my hotel accommodation would be tax deductible while I did this work.
As the boat will need to be parked in a marina berth while I do the work on this house and we can live on the boat, surely the berth fees would also be tax deductible as they are essentially accommodation costs right?
We have not been in a marina since we moved aboard, so it will be an extra expense of around $1500/month.
Would these costs be immediately claimable?

I also assume that renovation costs/interest to bring it to a rent-able standard will also be deductible / depreciable?

Thanks in advance

 

Private accomodation is not deductible and neither is a travel costs for a property after 30 June 2017. In any event the reno costs would be a capital expense and non-deductible These reno costs are never deductible. You are referring to initial repairs which are a CGT cost. After 1 July CGT costs are not permitted to include travel costs either.. I dont consider these costs travel costs anyway. They are private accom costs.

Costs for maritime vessels are ALWAYS not deductible under a specific provision of tax law. This law says maritime vessel costs are private unless the vessel has survey or a commercial lease etc. Survey makes it a commercial use. (Many accountants miss this one). The law was introduced in the Keating era to stop rorts

s26-47 ITAA only allows such a deduction to offset income from that boat. If nil. Deduction is nil.

I would encourage you to seek tax advice. Your assumptions are fatally flawed.

 

Thanks for that Paul.
Sounds like its almost to much drama to worry about for now so we'll leave it empty.
Warmer weather north beckons so we'll worry about it again in a few months time.
Bye