Is the Tax Depreciation Report only for new properties?
No. Some property investors are often misinformed in thinking that tax depreciation and/or the building write-off is only limited to new properties. In fact, depreciation is generally available in respect of any rental property (irrespective of age), and the building write-off is generally available in respect of rental properties first constructed after 17 July 1985.Obtaining a Rental Property Depreciation Report is a worthwhile venture for any property, and could significantly increase a clients depreciation claims and reduce their income tax bill.
