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Kitchen rennovation over 5 years ago for home that is now investment property

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Newbie

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Hi there

In April 2019 we started renting out our apartment that we bought back in 2008. We lived in it until we started renting it out this year.

In 2013 we spent approximately 15K for new kitchen installation and appliances that are now part of the investment property.

Can this be added as a deduction from 2019 onwards as a diminishing asset? 

If so do I group all the assetts as one (i.e. whatever went into the kitchen including secondary assetts .. i.e. installation) or do I split them out individually? Any other little gotchas I should be aware of?

Thanks

J

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Best answer

Taxicorn

Replies 1

A property owner will not be able to claim depreciation on pre-existing plant and equipment assets within properties which have been lived in as a primary place of residence where the owner decides to rent the property out after the 1st of July 2017. Plant and equipment assets within this scenario are considered previously used.

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Best answer

Taxicorn

Replies 1

A property owner will not be able to claim depreciation on pre-existing plant and equipment assets within properties which have been lived in as a primary place of residence where the owner decides to rent the property out after the 1st of July 2017. Plant and equipment assets within this scenario are considered previously used.

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Newbie

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Thank you.
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Community Manager

Replies 0

Hi @strgrd101,

 

Thanks for your question.

 

The information that @macfanboy has provided can be found in the Rental properties guide for 2019.

 

Thanks

KylieS