Are you entitled to a deduction under section 40-755 of the Income Tax Assessment Act 1997 (ITAA 1997) for expenditure incurred in the removal and replacement of the asbestos affected fence, from your rental property?
Yes. This ruling applies for the following period : Year ended XX XXXX 20YY The scheme commenced on: XX XXXX 20YY
You were the sole owner of the Property. You used the Property as a rental property. The fence between the Property and the neighbouring property contained asbestos. Your neighbour knew about the asbestos fence for some time and decided it was time to remove it. You and your neighbour hired someone to remove and replaced the fence. The fence was replaced with the closest equivalent due to the nature of the original fence. Your portion of the replacement cost was $XXX. On XXX, you incurred the beforementioned cost.
Income Tax Assessment Act 1997 section 8-1 Income Tax Assessment Act 1997 section 25-10 Income Tax Assessment Act 1997 section 40-755 Income Tax Assessment Act 1997 section 40-760