You can deduct construction costs in respect of the following capital:
- buildings or extensions, alterations or improvements to a building
- structural improvements or extensions, alterations or improvements to structural improvements, and
- environmental protection earthworks.
Deductions for construction costs must be based on actual costs incurred. If it is not possible to genuinely determine the actual costs, provide an estimate by a quantity surveyor or other independent qualified person. The costs incurred by the fund for providing this estimate are deductible as a tax-related expense, not as an expense in gaining or producing assessable income.