ADR_ArchiDesign

"Get more bang for your buck with our guide to deductible renovations! 💰🏠🔨 Learn how to maximize your tax savings while upgrading your home. 📜👀 "

1. 𝑯𝒐𝒎𝒆 𝑶𝒇𝒇𝒊𝒄𝒆 𝑹𝒆𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏𝒔
If you work from home, you may be able to deduct the cost of renovating your home office. According to the Australian Taxation Office (ATO), you can claim a deduction for expenses related to a home office if it is used exclusively for work purposes. This can include expenses such as painting, repairs, and depreciation on office equipment.
2. 𝑪𝒂𝒑𝒊𝒕𝒂𝒍 𝑰𝒎𝒑𝒓𝒐𝒗𝒆𝒎𝒆𝒏𝒕 𝑹𝒆𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏𝒔
Capital improvement renovations are those that add value to your property or extend its useful life. These types of renovations can include things like adding a new room, replacing the roof, or installing a new heating system. According to the ATO, capital improvement renovations are generally not deductible in the year they are incurred, but can be claimed as a capital works deduction over a number of years.
3. 𝑨𝒄𝒄𝒆𝒔𝒔𝒊𝒃𝒊𝒍𝒊𝒕𝒚 𝑹𝒆𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏𝒔
If you make renovations to your home to make it more accessible for someone with a disability, you may be able to claim a tax deduction. The ATO allows deductions for expenses related to making a home more accessible, such as installing wheelchair ramps or modifying bathrooms and kitchens.
4. 𝑹𝒆𝒏𝒕𝒂𝒍 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝑹𝒆𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏𝒔
If you own a rental property, you may be able to claim deductions for renovations made to the property. According to the ATO, you can claim a deduction for repairs and maintenance expenses, as well as capital improvements that add value to the property or extend its useful life.
It's important to note that the rules around tax deductible home renovations can be complex, so it's always a good idea to consult with a tax professional before claiming any deductions.

"𝐑𝐞𝐧𝐨𝐯𝐚𝐭𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐡𝐨𝐦𝐞? 𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐨𝐮𝐫 𝐥𝐢𝐬𝐭 𝐨𝐟 𝐜𝐨𝐦𝐦𝐨𝐧 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐭𝐡𝐚𝐭 𝐫𝐞𝐪𝐮𝐢𝐫𝐞 𝐚 𝐩𝐞𝐫𝐦𝐢𝐭 𝐢𝐧 𝐕𝐢𝐜𝐭𝐨𝐫𝐢𝐚 𝐛𝐞𝐟𝐨𝐫𝐞 𝐲𝐨𝐮 𝐬𝐭𝐚𝐫𝐭 📋💡🔍"

‼️Some common examples of home renovations that typically require a permit in Victoria include:
📍 Structural changes to the building, such as removing load-bearing walls or altering the roofline
📍 Electrical work, including the installation of new wiring or electrical appliances
📍 Plumbing work, such as installing new pipes or fixtures
📍 Building a new structure, such as a garage or shed
📍 Changes to the building's fire safety systems, such as installing smoke alarms or sprinklers
👍 It is important to check with your council or ADR team to determine the specific permit requirements for your planned renovation.
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