Question from Margie updated on 27th August 2018:
If you get a chattels valuation done when you buy a property and a number of chattels are valued under $500 are you able to deduct these items as minor assets in the first year's return?
Our expert Mark Withers responded:
No, the chattels are acquired as part of an acquisition that exceeds $500. This deduction is only available for individual low value items acquired separately.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.