Settlement is in a few weeks for our first IP. Went to book a Quantity surveyor and he told me that if my house was built pre 18 July 1985 then I cannot claim the building, or anything that is from before then because that is when the ato introduced tax dep on IPs. Our house is built sometime in 1985 so we have to go look at the meter box to find out when the power was connected.
Is this right? I dont remember hearing about this date before
That rule is applicable to the original construction only (div 43), you will still be able to claim the fixtures and fittings (div 40) regardless of age as they get revalued, so to speak, upon settlement and their depreciable lives restart. Check with council maybe on the construction date. Or better yet, most QS companies can do a 'search' for you to determine the age.
Like Ryan said, you can still claim depreciation on fixtures and fittings. Even on pre 85 properties, you can usually get something back. I've got a 50 year old IP that I still managed to claim over $2k on in the first year.
Have there been any renovations?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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