Does Your Accountant Claim Scrapping after Renovation?Does Your Accountant Claim Scrapping after Renovation?

Scrapping is another benefit that comes from a renovation of your investment property. The removal and disposal of any potentially depreciable works of assets from an investment property can unlock additional deductions. The scrap[ping value is essentially the unclaimed or undeducted depreciable value of an asset at the time of{...}

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Property renovators could be taxed up to 47pc under new rulesProperty renovators could be taxed up to 47pc under new rules

Property renovators and “flippers” who buy and sell for a quick profit could be taxed at their highest marginal rate of up to 47 per cent when selling houses after an Administrative Appeals Tribunal decision, lawyers say. This would also mean losing their capital gains tax discount of 50 per{...}

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