If my property was built before 1985, is it too old?

By BMTQS | www.bmtqs.com.au | Submitted May 2009


No. It is worth noting that:

• Your investment property does not have to be new: Both new and old properties will attract some depreciation deductions. A common myth is that older properties will attract no claim.
• You can adjust previous year’s tax returns: When a property owner has not been claiming or maximising tax depreciation deductions, the previous two financial year’s tax returns can generally be adjusted and amended.
• Note: if the deductions are not high enough to make it feasible to complete a report, we will not proceed.