Trusted Partners 02 – Asbestos Removal
Hi, guys, it’s David here from Bugwash Property. We have with us here today one of our trusted partners from Solution Accountants, Meena. Our question today, Meena, is, for people out there that might have older investment properties, they may have a situation with asbestos. How does it work as far as how deductions work with the removal of asbestos?
Yeah, sure. Clients might not be aware that asbestos is dealt with differently, so the ATO has provided a special protection concession. Where you do identify asbestos and you are attempting to remove those asbestos from the property, there’ll be a deduction available under those environmental protection rules to claim a tax deduction.
So for people out there that may not have a, what we call a pro-property accountant, do they need to maybe encourage their accountant to know the rules on how the asbestos thing works?
Yeah, correct. These are rules that are not commonly known, so it’s important to ask those questions.
Okay, thank you very much.