With the End of Financial Year coming up, if you have a rental property, you could be missing out on savings.
Capital works deductions are available to residential properties built after 17th July 1985 on the following expenses:
- building construction costs
- the cost of altering a building
- the cost of capital improvements to the surrounding property
If you own a rental property you may be able to claim a deduction for the construction cost of:
- extensions, such as a garage or patio
- alterations, such as adding an internal wall, kitchen renovations or bathroom makeovers
- structural improvements – such as a gazebo, carport, sealed driveway, retaining wall or fence
Find out more on claiming Capital Works Deductions from the Australian Taxation Office.