Yes, yet another write off or depreciate question.

So, in the space of 2 weeks I have had to put 2 new Hot Water Services in 2 IP's in 2 different states!

They are getting updated into the depreciation schedule.

As the plumber was leaving the second one, he noticed "someone" has ran over the water meter, so he needs to excavate, freeze the pipes and replace the stop tap & meter.

I'm assuming the repair of the water meter can be an immediate write off?

On a side note, it highlights the importance of having buffers in place. In the space of a fortinght 2x HWS, a water meter and to top it off the tenants in the second once announced a lease break yesterday, they vacate on December 23rd!!

 

Yep. I reckon 'expense'. It's repairing damage that happened while you were renting out the property. Small consolation.

 

Thanks @Depreciator

 

Most definitely a deductible repair.

 

Sorry to hijack thread I can delete if needed, I have a question. Is it worth it getting a depreciation schedule in this situation, I've got a house that is over 40 years old, I did a small 6K renovation, I'll be moving into the house inside 3-4 years, it is worth getting a depreciation schedule?

Also is it necessary to get the quantity surveyor out before the reno?

 

Recent purchase? Unrenovated? There would be some depreciation in the existing Assets: HWS, carpets, appliances. You will claim most of that over the next 4 or so years. Taxpayers can value Assets themselves of a QS can do it.
And there would be depreciation in the work you have done - you have the costs for that.

 

That sounds like a repair to me.