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Edited version of private advice
Authorisation Number: 1051827168231
Date of advice: 27 April 2021
Ruling
Subject: Rental property deductions
Question
Are you entitled to a deduction for the costs associated with underpinning your rental property?
Answer
Yes. Based on the information provided to the Commissioner the costs associated with the underpinning of your rental property are an allowable deduction under Section 25-10 of the Income Tax Assessment Act 1997.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You purchased a rental property in 20YX.
The property was built in 19YY.
There was no damage to the property when you purchased it.
In 20XY some work was done to underpin part of the property.
In 20XX your tenants reported some more damage.
You undertook further work to underpin the foundation.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 25-10
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