Since 1 July 2017, property owners generally cannot claim the decline in value of second-hand depreciating assets. The ATO has recently reminded to double check the property purchase dates, the type of build, the rental start date and the use of the property to ascertain whether they may satisfy the exceptions.
Items can include things like:
- flooring, window coverings,
- air conditioners, washing machines, alarm systems, spas, pool pumps
- items used for both the rental property and your own home.
Exceptions generally are:
- If you are using the items for a business (like a hotel or caravan park).
Also, if the property is:
- newly built, or substantially renovated (where all or most of a building is removed or replaced), and no-one else has claimed a deduction for the assets, no-one resided in the property before you acquired it, or you acquired the property within six months of the build or substantial renovation,
then this rule will not apply either.
If are unsure of your obligations and rights in relation to your rental properties, please do not hesitate to call us on (03) 6292 6012, or via email info@xwd.com.au so we can help you get it right.
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