Rental Property Depreciation
What is Rental Property Depreciation?
What can I claim back in Depreciation Tax?
- Where construction commences after 18 July, 1985 and before 16 September, 1987 - 4% p.a.
- After 15 September 1987 - 2.5% p.a.
- For construction commencing prior to 1 July, 1997 a deduction will be allowable where, firstly, the building is currently used for an eligible purpose and secondly, where the original owner of the building at the time of construction intended to use it for a deductible purpose.
- For construction commencing after 30 June, 1997 a deduction is dependent upon the actual use by the taxpayer in the relevant year regardless of the intended use at the time construction started.
Always consult a professional Quantity Surveyor and specialised accountant when completing a tax return referring to your rental property depreciation. They will be the best people to take into consideration all of the requirements your property needs to meet and and as required by law a quantity surveyor can best value your rental property.