capital works for tax depreciation

no.

http://www.depreciator.com.au/

I am sure you can find others, and get other recommendations, but I have used these guys a few times, and whilst they advertise they charge a small fee for updating them for you when required, I actually haven’t had to pay the two times I have had them updated (probably as I was a return customer). They did take three tries to get one right with the extra items I had done to the property, however they fixed it quickly and efficiently, so I would definitely recommend them. For around $600-$700 you can LEGALLY claim both capital works as well as all other fittings and fixtures correctly depreciated on the rules set by ATO on their life.

As an example, for a property I purchased in 2002, I could claim $3909 in the first full year and $2478 last FY.
For a property I bought in 2009, the first full year I claimed $4136 and last FY was $2700.
Neither of these properties were new when we bought them, and you could obviously guess with an estimator how much a new place would depreciate for. I suggest these are worthwhile getting.

And don’t forget to claim the depreciation schedule as well when you purchase it!

Hope that helps somewhat.

even if you do not claim the depreciation it would needed to be added back for CGT purposes. It is only the capital works deductions too.

Why not call BMT or depreciator describe your property and they will tell you if they think it worthwhile getting one.

it will vary depending on whether you are living in it or not. It would be unusual to have no rental income unless you are living in it.

You could have deducted the capital works costs if it was a rental and the property structure (etc) was built after a certain date – 1997 i think. In this case it needs to be added back when you sell, even if never claimed.