Repairs and renewals

[douglastubbs]

Hi,
Trying to find the wording for repairs and renewals from a tax point of view. My understanding is that is it to bring an repair an asset to the standard the date it was acquired. I have tried googling and and have found nothing.
Thanks,

 

[Domo]

In laymans terms:

Renewals - means to replace an asset (you are renewing the asset).
Repair - means to fix it if it is broken (eg. washing machine not working - you pay to have it repaired)

 

[Arch2]

A renewal involves a replacement or an improvement to the existing. Repair involves no improvement over the eisting.

Example replacing a single glaze window with a single glaze window repair.

Replacing single glaze with a double glazing this is capital as it is an improvement.