Chocci Posted September 24, 2018 Share Posted September 24, 2018 I'm Australian, husband is British and we are planning to relocate back to Australia in a few years. We plan to rent out our principal place of residence and wondered what deductions would be available in Australia. Its a Victorian terrace home and we renovated it extensively about 4 years ago but I'm guessing these renovations are not deductible as capital works since the building predates 1980s. Thank you Quote Link to comment Share on other sites More sharing options...
Marisawright Posted September 24, 2018 Share Posted September 24, 2018 You can indeed claim on the renovations. What you need to do is get a depreciation report before you start renting it out. @Alan Collett has a contact who can do it, I think. 1 Quote Link to comment Share on other sites More sharing options...
Chocci Posted September 24, 2018 Author Share Posted September 24, 2018 Thanks Marisa, I am reading on the ATO website that the building has to be built after 1980s, does that sound right? The Victorian terrace was built a long time ago but we did a thorough refurb 4 years ago. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted September 24, 2018 Share Posted September 24, 2018 30 minutes ago, Chocci said: Thanks Marisa, I am reading on the ATO website that the building has to be built after 1980s, does that sound right? The Victorian terrace was built a long time ago but we did a thorough refurb 4 years ago. There are two kinds of depreciation. One is on the fabric of the building, and I think that's what you're reading on the ATO site. The other is for fixtures and fittings (sometimes called plant and equipment). Whether you can claim those is not affected by the age of the building they're in. However I just did some browsing and I see there were changes to legislation in 2017 which reduces what you can claim for. I haven't looked into it thoroughly but I'd suggest consulting a tax agent who knows the law in both the UK and Australia to ensure you maximise what you can claim. it will be worth the investment. Quote Link to comment Share on other sites More sharing options...
Chocci Posted September 24, 2018 Author Share Posted September 24, 2018 Thank you! Really appreciate your help. I’ll def check in with a tax consultant 1 Quote Link to comment Share on other sites More sharing options...
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