Yes. Correct. Capital expenditure may include items that are subject to depreciation and capital allowance deductions. That's the reason for obtaining a QS report. It converts what would otherwise be a CGT cost base item into some deductions.
I'm with Chris. The painting seems like a Div 43 item and eligible for write off over 40 years. Carpet etc as P&E would be at an accelerated depn rate. A QS would likely identify substantially more P&E and capital allowance items perhaps.
