Tax Tip #14: Make repairs

Most business owners are aware that they can claim capital deductions, but what many may not know is that they can also claim a deduction for repairs to machinery, tools, workshop or office premises. This can include painting jobs, maintenance of plumbing equipment, repair of electrical appliances and fixing leaks.

A bonus is that you do not have to own the item that is repaired to claim the deduction. However, the ATO's classification of repairs does not include repairing newly purchased goods or complete renovation. Check the ATO website  for further information.

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