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Fire alarms

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I recently purchased a property that is currently tenanted. I will be moving into the property when the current tenant's lease expires in late September 2020. I purchased the property in March/April 2020.

 

As this is the first property I have owned I am uncertain as to what I can & cannot claim on my tax.

 

I recently have had to update the fire alarms in the property as well as installing extra ones as per Queensland regulations. Each of these new alarms were approximately $165 each. Am I able to claim for the cost of these smoke alarms in my 2019/2020 tax return?

 

Also I have just received an email from the property manager advising that the kitchen tap is broken & needs to be replaced. Am I also able to fully claim this as a deduction if the cost is less than $200?

 

Thankyou

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Community Support

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Hi @Filo,

 

Congratulations.  Owning a new property can be exciting, but as you have said - there are also a lot of things to consider when it comes to repairs, depreciation etc.

 

We only provide general information here on our Community, but thankfully the ATO has designed some great resources for Investment Property owners that help them keep good records from the start and guide them in making the right decision about their deductions etc.  These include this easy to read document on  Rental properties 2019 that covers everything a new landlord might need to know, and specific information on our website on Rental Expenses etc. that outlines what you can claim straight away (like your tap as it is considered to be repairs and maintenance), and what you might need to claim over a number of years (i.e. depreciation).

 

An example of this might be your new smoke alarms which you can claim in your 2019/2020 tax return as you have incurred the cost of the smoke alarms before the 30th June 2020, but where you will need to make a choice between claiming them outright (as they cost less than $300 each) or depreciating them over a period of years. 

 

Hope this information helps.

 

AlBar

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @Filo,

 

Congratulations.  Owning a new property can be exciting, but as you have said - there are also a lot of things to consider when it comes to repairs, depreciation etc.

 

We only provide general information here on our Community, but thankfully the ATO has designed some great resources for Investment Property owners that help them keep good records from the start and guide them in making the right decision about their deductions etc.  These include this easy to read document on  Rental properties 2019 that covers everything a new landlord might need to know, and specific information on our website on Rental Expenses etc. that outlines what you can claim straight away (like your tap as it is considered to be repairs and maintenance), and what you might need to claim over a number of years (i.e. depreciation).

 

An example of this might be your new smoke alarms which you can claim in your 2019/2020 tax return as you have incurred the cost of the smoke alarms before the 30th June 2020, but where you will need to make a choice between claiming them outright (as they cost less than $300 each) or depreciating them over a period of years. 

 

Hope this information helps.

 

AlBar