i have an old, short and worn out asbestos fence around my investment property. If I was to have this fence removed and a new colourbond fence installed can I claim any of this as an instant deduction instead of depreciating? Could the removal of the asbestos alone be instantly deducted and the rest depreciated? Thanks
Link below is to a private ruling on this exact same situation.
https://www.ato.gov.au/law/view/view.htm?docid=EV/1052229662633&PiT=99991231235958
So an immediate deduction is allowed for the removal and replacement of the fence as it comes under environmental protection activities.
Section 40-755 of the ITAA 1997 allows deductions for environmental protection activities. Subsection 40-755(1) of the ITAA 1997 states: You can deduct expenditure you incur in an income year for the sole or dominant purpose of carrying on *environmental protection activities.
Link below is to a private ruling on this exact same situation.
https://www.ato.gov.au/law/view/view.htm?docid=EV/1052229662633&PiT=99991231235958
So an immediate deduction is allowed for the removal and replacement of the fence as it comes under environmental protection activities.
Section 40-755 of the ITAA 1997 allows deductions for environmental protection activities. Subsection 40-755(1) of the ITAA 1997 states: You can deduct expenditure you incur in an income year for the sole or dominant purpose of carrying on *environmental protection activities.
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