Home renovating Repairs and Maintenance, re tax time
June 9, 2010 by Tim
Filed under Bathrooms, Kitchens, Practical Renovation, Renovating, tips
Hopefully most investors will write a pro forma tax schedule for the coming Tax year ending. Those within the BAS system, will automatically have much of this organised. This way one can measure what would be worthwhile for tax optiminisation. If one has a high tax payment year, there are heaps of areas one can spend money on, such as, essential upcoming repairs, gardening, gutters, fencing, high wear areas in the home. The ideas may seem trite but use a checklist approach.
1 Ask the tenants what needs repair,
2 Repair things that will add value, for example in, the Kitchen and Bathroom, taps, washers, handles.
3 Repair or Replace, Items that are coming up to their fully depreciated time, like Hot water service, Heaters, Cookers, Ovens, air conditioner.
4 For the furnished apartment, there are a wider range of items one could replace/repair: including the washing machine, Dishwasher, computer system, television.
I set aside around atleast one percent of the capital value of the home for these expenses. One way to think of them, as value adding essential items: either adding to the comfort for the tenant or value for the Investor.
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