Asbestos removal claim a full tax deduction in that financial year.
ID 2004/720 states that the cost of removing an asbestos shed in the back yard of a rental property qualified for an immediate tax deduction. Any other type of shed and it would probably be considered capital expenditure as an improvement or initial repairs. But the removal of asbestos is claimable under the environmental protection concessions so none of these restrictions apply.
This means you could purchase a property with an asbestos roof, replace it, immediately improving its rental potential, increase your equity and claim a full tax deduction in that financial year.
Thanks BAN TACS Accountants Pty Ltd