Breaking News on Tax Depreciation

Breaking News on Tax Depreciation

Posted on November 23, 2017 by Mirren Property Investment

Breaking news! Changes have been made overnight regarding what Investment Property owners can claim on their tax returns. Below are my summary notes from the article, as well as a link to the article regarding the changes.

If you have any questions or concerns regarding this information, I would love to discuss it with you further. Please feel free to call on 0402 361 396 at any stage.

Breaking News on Tax Depreciation

Summary Notes:

  1. New Investment Properties – all tax depreciation items can be claimed as per normal, no changes occurred to those in this category.
  2. 2nd hand Investment Properties – the biggest change has occurred in this category. You cannot claim depreciation on fixtures and fittings (approx. 10-15% of total tax benefits) if signing of contracts occurred after 7.30pm on May 9, 2017. However, Building and Finance depreciation’s are still claimable as per normal.
  3. Lastly, all travel expenses to inspect the property are not tax deductible.For more information, have a look at the article from our preferred suppliers BMT Quantity Surveyors:

Not sure how these changes will affect you? You can contact Rene on 0402 361 396 for a friendly chat or complete an enquiry form and we will contact you at a time to suit you.

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