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3. Allocating total purchase price.
If you purchased the property with depreciable assets (eg dishwasher, clothes dryer), you must allocate the total purchase price between the property and other items on a reasonable basis. If the sale contract does allocate the purchase price, the ATO may challenge it if the amounts allocated appear unreasonable.

4. Part of the building.
Items such as built-in wardrobes, swimming pools, electric cabling, and security screens


are treated as being part of the building and are not depreciable assets. Expenditure on "capital works" - the building and surrounding structures, driveways etc - is generally deductible over 40 years at 2.5%. There are restrictions on claiming it on capital works already constructed when you purchased the property.

5. Improvements.
The cost of repairs to the property that amount to an improvement, and don't merely


restore it back to its original condition, is generally capital and not deductible.

6. Repairing existing wear / damage.
The cost of renovations or repairs to fix damage or wear in existence at the time you purchased the property is generally capital and not deductible.

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