Knocking down and re-building? tearing out a kitchen?
Before you demolish and destroy any existing plant and equipment or structural elements of the property such as an old kitchen and appliances, check with us to see if there is any residual value worth writing off as a loss. Most often we find lots of deductions that can be claimed IMMEDIATELY that financial year.
For example an old kitchen with a residual value of $4,500 may still have another 3 years’ worth of depreciation but due to the demolition to reinstate a new kitchen, $4,500 is claimable in full in the current financial year. Speak to your accountant to ensure the circumstance is suitable for you and engage a quantity surveyor to depreciate it.