Browse Forums Building A New House Re: Tax expense 2Jan 02, 2024 8:14 am While I'm not a tax expert, from what I have learnt there are some expenses during the house-building process in Australia which may be claimed. Generally speaking, costs related to construction or renovation may be eligible for tax deductions. Capital Works Deductions: Expenses like concreting may qualify for capital works deductions, claimed over time rather than immediately. Landscaping: If landscaping is part of the property's construction or improvement, it could be eligible for capital works deductions. However, purely decorative landscaping might not qualify. Immediate Write-Offs: I'm not sure if this is applicable in your case but some costs relating to tools or machinery used in the construction, might be eligible for immediate write-offs. GST (Goods and Services Tax): Keep in mind the impact of GST on expenses. You may be able to claim a GST credit for amounts that include GST. You have not mentioned what state you are in so I would seek the advice of a qualified tax consultant/accountant just to be safe as tax laws are complex and subject to change. Good luck Mark -= Are you still using a notebook or spreadsheet to keep track of your customers and appointments? You need Simple Time Planner - Free Appointment Software =- Re: Tax expense 4Jan 02, 2024 9:39 pm You can only claim the gst on building elements during construction. If its a spec you can claim the interest component over the construction (holding/funding costs), but this is offset against the profit on the spec. Once it is completed then you can start claiming depreciation over the building about 2.5%/yr and higher rates for fixtures, carpet, etc. We are Expert Consultant's, and we are here to help. Re: Tax expense 5Jan 02, 2024 11:21 pm noviice If a build a house to handover stage for example, can items such as concreting, landscaping be claimed as a tax expense? If it's your primary residence then there is no tax deductions to be made. Accessible Carpentry & Cabinets accessiblecarpentry@gmail.com accessiblecarpentry.com.au https://www.facebook.com/pages/Accessible-Carpentry-Cabinets/583314911709039 the exemption applies only to your principal place of residence - so you must live in it. The 200 days is continuous. You also have to apply for the exemption. 2 13388 |