Question: Can I claim plant & equipment depreciation on established property?

 

Question:

Can I claim plant & equipment depreciation on established property?

Answer:

The Turnbull Government is moving forward on the housing affordability package announced in the Budget.

Legislation introduced into the Parliament on the 7th September will push forward with eliminating travel deductions for property investors and limiting plant and equipment depreciation on second hand properties.

These measures have been subject to extensive public consultation. The Government has responded to stakeholders’ feedback by enabling investors to claim plant and equipment depreciation deductions in situations where a developer/renovator tenants a property prior to selling it to an investor, provided the property is:

  1. Purchased by an investor within six months of the property being completed by a developer/renovator; and
  2. The developer/renovator has not claimed depreciation deductions.

 

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