How to claim building materials?

summereire · 2016-01-14 19:17:37

Hi, I've been trying to find info on this but haven't been turning up much- how does a business go about tax deduction for renovations to an existing business building? There are a few different types of expenses: labour costs for builders, hire costs and the actual cost of the materials. Can these be claimed outright, or…

14-01-2016 08:17PM

#1

summereire

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Hi, I've been trying to find info on this but haven't been turning up much- how does a business go about tax deduction for renovations to an existing business building?

There are a few different types of expenses: labour costs for builders, hire costs and the actual cost of the materials.

Can these be claimed outright, or partially over a number of years or do you just reduce it if you sell the property in the future from the CGT? I'm confused! Thanks

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#2 14-01-2016 09:35PM

Alan Shore

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Well it depends if it's repairs, assets qualifying for capital allowances or enhancement expenditure.

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#3 14-01-2016 09:38PM

summereire

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Thanks. Its repairs to an existing commercial building and general renovation: i.e. roofing work, plastering, painting etc and some groundworks.

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