Home' Australian Pharmacist : Australian Pharmacist Sept 2013 Contents Australian Pharmacist September 2013 I © Pharmaceutical Society of Australia Ltd.
BUSINESS AND INDUSTRY NEWS
Repairs on the property are 100%
deductible if they are essentially the
replacement or renewal of a worn out or
dilapidated part of something, but not of
the entirety (i.e. the whole).
By contrast, if the expenditure is capital
in nature and thus the repair is not
deductible (i.e. it is an ‘improvement’),
it may qualify as a depreciable item or
subject to the ‘building allowance’ write-
off (see above). Further it may also be
included in the cost base of the property
for Capital Gains Tax purposes.
A deduction is not available for
expenditure to remedy defects, damage
or deterioration in existence at the date of
acquisition (i.e. initial repairs).
Replacement of crockery, linen etc
Safe deposit box fees
Secretarial, bookkeeping fees
Note: The costs incurred in inspecting
properties with a view to purchase for
letting were of a capital nature intended
to gain an asset for an enduring nature.
Property Tax Problems?
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when it comes to advising on property tax.
Our services to property investors include:
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• Negative Gearing advice
• Tax Returns & Accounts
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Holding costs deductions
when property ‘genuinely
available to rent’
If a rental property is vacant for any
reason, deductions for holding costs
(e.g. interest, land tax and rates) and
non-holding costs (e.g. repairs) are still
deductible if the property is considered
to be ‘genuinely available for rent.’ Such
efforts may include:
• Listing the property with one or more
real estate agents;
• Placing advertisements in newspapers;
• Letting of the property to friends or
relatives (at commercial rates).
It is worth noting that a recent case held
that merely placing an ‘available to rent’
sign on a property was not sufficient to
demonstrate ‘genuinely available for rent’,
thus rental and interest deductions were
not available to the owner during the
Any reader intending to apply the information in this article
to practical circumstances should independently verify their
interpretation and the information’s applicability to their particular
circumstances with an accountant specialising in this area.
Ego pledges support for
Ego Pharmaceuticals has pledged
to continue to support Australian
pharmacies and not follow the increasing
number of skin care brands entering the
Alan Oppenheim said:
‘My dad held the belief
that “a supermarket
shelf does not talk”
and that remains true
to Ego’s values today.
If a consumer needs
professional advice on their personal needs,
skin rash, itch or head lice, only trained
pharmacy staff can offer this, not grocery.
‘Ego will not be selling our products via
supermarkets. Instead, we will continue to
put our future growth focus into expanding
our sales through Australian pharmacies
and in our booming export markets,’
Mr Oppenheim said.
Ego Pharmaceuticals started in a Melbourne
laundry in 1953, when Gerald and Rae
Oppenheim developed Ego Pine Tar
Bath Solution (now known as Pinetarsol
Solution). Now in its 60th year, Ego is led by
their son Alan and his scientist wife Jane.
With over 120 products and over 20 brands,
Ego is the largest 100% Australian-owned
dermatological company manufacturing
The company focusses on maintaining
strong relationships with dermatologists,
nurses and doctors. It says it understands
the importance of educating and building
awareness around its range of products and
driving customers into pharmacies through
Mr Oppenheim said that in the current
climate of increasing pressures on profits of
pharmacy, Ego is also focussed on working
with pharmacists and pharmacy owners to
drive growth in their business.
He said Ego’s online training system is
available free to every employee in every
pharmacy and that providing professional
advice is pharmacies’ key point of difference
from other retailers, including the
Ego has just announced the purchase of 9.4
hectares of land in Dandenong Victoria to
‘cement the company’s future in Australia
and to boost employment opportunities’.
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