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When capitalising an amount for renovations to a home office how do I calculate the amounts?

Posted 11 April 2013 under Tax Q&A


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What amount is allowable for Repairs and maintenance and how do I depreciate the capitalised amount which consists of plumbing, paving and builders?

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
12 April 2013 at 12:31

Repairs and maintenance are amounts that that are spent to "fix" or repair existing structures or features, while improvements are things whereby there is a change or extra feature added that would increase the income earning capacity. So for example, fixing the roof vs adding an extra room. You would need to very carefully work out which is which, ie renovations vs improvements. Only improvements are allowed to be capitalised, where repairs can be written off into the year which they were incurred like normal expenses.

Natz says:
15 April 2013 at 10:26

Thank you very much. This information was a great help.

TaxTim TaxTim says:
15 April 2013 at 19:24

Only a pleasure!


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