The end of the 2016/17 financial year is almost here, so now’s the time to review your Repairs & Maintenance to minimise your tax.
Make payments for repairs and maintenance (business, rental property, employment) PRIOR to 30 June 2017.
To claim an outright tax deduction for repairs and maintenance on your investment property, the damages must have been caused by your tenant. If you have just purchased the property and never had a tenant in the house, then clearly you won’t have a leg to stand on. The good news, however, is that these expenses will be classed as capital, and you can
