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Services
Property Tax Accountants
Property Tax Specialist
Property Development Accountant
Investment Property Accountant
Accountant for Property Developers
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Frequently Asked Questions
Client Purchased a Property in Aug 2021. Can they claim depreciation on the air conditioner already in the property ?
From 9 May 2017 the depreciation landscape changed dramatically. These changes are effective from 1 July 2017. You can no longer claim Division 40 depreciation deductions for second-hand or used depreciating assets whether they are purchased with the property or bought separately.
I've read about the depreciation changes and that i can't claim them anymore but what if i have held the property for a long time ? surely this isn't fair ?
For properties that were purchased prior to 9 May 2017 AND were available for rent during the 2017 financial year (i.e. prior to 1 July 2017) then you will continue to be eligible for Division 40 depreciation deductions. Unfortunately as time goes on that date is going to continue to be important.
Property Tax Solutions