SearchChattels deduction
Margie asks:
(updated on Monday, August 27th 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 Experts Answer:
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.
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