- Posted By Sales Office
As at 15th November 2017, the legislation has been passed and all proposed changes are now in full effect.
That means if you’re a property investor, you need to know what you now can and can’t claim. There are still dollars to be claimed by Australian property investors it's just important to talk to a specialist Quantity Surveyor to make sure that every deduction is claimed and nothing is missed.
The new legislation prevents investors from claiming deductions on depreciating assets that have been previously used. ‘Previously used’ means they were part of the property before you owned it - if you buy a brand new property or off the plan, this won’t affect you.
Why has the government done this? They were concerned that certain assets, namely plant and equipment, were being depreciated in excess of their value. To clarify, plant and equipment assets are mechanical items or those that are easily removable such as blinds, air conditioning and smoke alarms.
Click on the image below to watch the video and learn about the new legislation.
From today BMT will tailor every depreciation schedule to suit each property investor's scenario in line with the new legislation in order to ensure that property depreciation and capital gains tax deductions are maximised. To get in touch with BMT click here.