Breaking news! Changes have been made overnight regarding what Investment Property owners can claim on their tax returns. Below are my summary notes from the article, as well as a link to the article regarding the changes.
If you have any questions or concerns regarding this information, I would love to discuss it with you further. Please feel free to call on 0402 361 396 at any stage.
Summary Notes:
- New Investment Properties – all tax depreciation items can be claimed as per normal, no changes occurred to those in this category.
- 2nd hand Investment Properties – the biggest change has occurred in this category. You cannot claim depreciation on fixtures and fittings (approx. 10-15% of total tax benefits) if signing of contracts occurred after 7.30pm on May 9, 2017. However, Building and Finance depreciation’s are still claimable as per normal.
- Lastly, all travel expenses to inspect the property are not tax deductible.For more information, have a look at the article from our preferred suppliers BMT Quantity Surveyors:
http://bmt-insider.bmtqs.com.au/new-depreciation-legislation-for-australian-property-investors/?utm_source=budget-2017&utm_medium=email&utm_campaign=legislation-confirmed-referrer
Not sure how these changes will affect you? You can contact Rene on 0402 361 396 for a friendly chat or complete an enquiry form and we will contact you at a time to suit you.