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.
And 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.
