Chattels deduction

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.

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