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property management newsletter


depreciation: are you claiming maximum tax benefits?


When purchasing an investment property it is important to note that in some circumstances, the cost of construction, extensions, alterations or improvements may be written off as a tax deduction over a period of time, depending on when the construction or alterations occurred.

If the work on the investment property was carried out prior to July 18, 1985 you are not entitled to claim a depreciation allowance, however, if the extensions, alterations or improvements occurred after this date you may be entitled to a deduction.

The laws relating to claiming depreciation on buildings used to generate rent can often be complicated.

For peace of mind and to ensure you obtain all the allowable deductions, it is well worth getting the advice of an accountant or tax adviser.