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Ask the Tax Expert [video] — Best time to renovate a home that will become an investment

When is the most tax effective time to undertake a renovation? 

You’ll find out as you watch this week’s Ask the Tax Expert video as Ken Raiss answers Lynda’s question about when is the best time to renovate her new home that she’s buying using a First Home Owner’s Grant.

You see…she plans to make her home an investment in the future.

 

 

Ken explains a great way of increasing your depreciation claims using a “split depreciation” schedule. renovation

Michael Yardney and Ken also discuss some of the depreciation changes in the budget and the importance of timing renovations to enable you to claim depreciation tax benefits.

Ken also explains the concept of the “low value pool”

Disclaimer

This is general information only and is intended as educational material. Neither Metropole Wealth Advisory nor its associated or related entitles, directors, officers or employees intend this material to be advice either actual or implied. You should not act on any of the above without first seeking specific advice taking into account your circumstances and objectives.

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About

Ken is director of Metropole Wealth Advisory and gives strategic expert advice to property investors, professionals and business owners. He is in a unique position to blend his skills of accounting, wealth advisory, property investing, financial planning and small business. View his articles


'Ask the Tax Expert [video] — Best time to renovate a home that will become an investment' have 2 comments

  1. Avatar for Property Update

    May 25, 2018 @ 2:16 pm Sachin

    Thanks Michael and Ken. This was very helpful.

    I had a question: Ken said that it is good to renovation between tenants. I have bought an investment property recently and planning renovation of it. Does it apply to me too? Should I also renovate it between tenants or do it now (for the depreciation to work for me)?

    Thanks for keeping up the education!
    Sachin

    Reply

    • Avatar for Property Update

      May 25, 2018 @ 2:58 pm Michael Yardney

      Sachin. If you renoavte a proeprty as soon as you buy it the cost is a “capital cost” – an improvement and not a repair so it is not depreciable, it just adds to the cost base for capital gains tax

      Reply


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