Tips on legal ways to get deductions on IPs for 2019-20 tax year

I'm wondering what are the best legal ways to get tax deductions on my IPs.
I've read through many of the threads on here and many things on RE sites and the ATO site, but I still feel like I'm not quite grasping things fully. And I know from experience overseas that the best tax tips come from others.

For starters, I'm thinking to upgrade my smoke alarms this financial year instead of waiting until late 2021. Can I claim that as a deduction or will I have to capitalise it? Or won't I be able to claim it at all? If not at all, it can wait as my current situation is 100% compliant under current legislation.

What are other things I can do that will serve me best when the time comes to claiming deductions come July 2020? I'm not averse to spending money.

Thanks.

 

How much is each smoke alarm?

 

I use SAS, so 169 per alarm plus installation costs. They probably have a deal on as well.

 

The best tip I can give is to keep diligent records.

1. Money you receive is usually income
2. Money you spend will be one of the following

• Deductible immediately
• Deductible over time / depreciable etc
• Capitalised and reduce future CGT or
• None of the above in rare cases (eg travel)

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Smoke alarms (wired) may cost $300 or more installed and be depreciable over their effective life (ATO says 6 years which means a rate of 33.33% Dim value mtd despite a common 10 year life) but if under $300 or a battery model then the cost may be deductible. Most state laws are switching towards mains powered units or sealed longlife self-powered units and non-ionisation units over an extended period.