Depreciation (Second Hand Property)

Hi All,

This is a simple question, but I just want to confirm the facts.

If I buy a second hand property (ie a flat in a complex, that has had a previous owner), can I claim any depreciation on...
a) the flat
b) contents inside the flat

Thank You All.

 

a) yes if built after a certain date - 1987 i think
b) not unless these are brand new items,

 

Give BMT a call. They guarantee that if you don't get the cost of the depreciation report in your first tax return, they'll refund your money.
BMT Guarantee | BMT Tax Depreciation

 

Terry is correct but even if the property was constructed before 1987, if it has a high level of renovation, a lot of the time we find enough value in the prior capital works ("structural" additions made in the last few decades) that people are achieving a desirable enough level of deductions that they pay for their report. So, it can still be worth a look for mid-to-long-term rental scenarios, and as mentioned above we have a guarantee as protection.

Plant and equipment items ("fixtures and fittings") need to be installed as new after your purchase/income availability in order to claim them unless there was a wholesale refurbishment by the previous owner immediately prior to them selling it (i.e., it was for the purpose of the sale and hasn't been lived in since).

 

Superb answers, thank you all.

Yes, I am aware the Depreciation Schedules pay for themselves.