What Happens to Scrapped Assets During a Renovation?

Quick Answer

When you renovate an investment property, scrapped assets can be written off for tax purposes. Under **Division 40 of ITAA 1997**, the undeducted value of these assets can be claimed as an immediate deduction. This applies if the renovation involves removing depreciating assets like old air conditioners or carpets. Consult with a Chartered Quantity Surveyor to maximise your claim.