I've purchased a property for investment purposes. To get it ready to be rented out, I've arranged for the inside to be painted (to make the property more appealing) and new carpet installed. My understanding is that the new paint is considered a capital cost or of a capital nature and the carpet is a depreciating asset. Am I correct? And with the new paint, do I get a deduction for the cost at 2.5% per year (for 40 years), or should 100% of it be added to the cost base of the property for CGT purposes?
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2,484 views1 replies
1 replies
2,484 views
1 replies