My rental property was built in the 50’s. Can I still claim depreciation?

Yes. In fact, with older properties the Australian Taxation Office (ATO) allows appliances such as stove tops and ovens to depreciate much faster. After including a host of other old items such as blinds and carpets, you are looking at $4000 to $5000 in tax deductions in the first year.

Read more about tax depreciation.

If I’ve owned this property for well over 10 years, is it too late to purchase a report?

The ATO understands that not everyone gets their taxes right first time around! So if you have lodged many tax returns without including depreciation as one of your deductions, you are entitled to adjust as many tax returns as necessary to claim those hard-earned tax dollars back! These are adjusted via amendments to previously-lodged tax returns or objections.

Disclaimer: Please note that every effort has been made to ensure that the information provided in this guide is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to property investors. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek a second professional opinion for any legal or tax issues raised in your investing affairs.
Portrait of Tuan Duong

Tuan Duong is an award winning Quantity Surveyor and leads Duo Tax Quantity Surveyors – Australia’s fastest growing provider of Tax Depreciation. Reach out to him directly on 0431 154 356 or email tuan@duotax.com.au

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