All Topics / Help Needed! / Depreciation Changes announced in May

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  • Profile photo of PT18PT18
    Participant
    @pratik-tripathi
    Join Date: 2017
    Post Count: 6
    August 16, 2017 - 9:04 am

    Hi all,

    I am currently looking at purchasing first investment property, an established one. Since July, it appears that depreciation cannot be claimed on plant and equipment installed by previous owner. I was wondering if there was any way around it where I can still claim the depreciation. Also, whether it is worth doing for the income/offset it is going to provide.

    Any advice will be appreciated.

    Thanks.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416
    August 16, 2017 - 3:28 pm

    Hi PT18,
    You might get a good idea or two from this discussion :-
    https://www.propertyinvesting.com/a-budget-with-a-few-nasty-jabs/

    Note that the situation evolved over time, and, by May 10th, Steve was pretty much defining what he thought might be workable. One early response has a link that goes to a Quantity Surveyor’s office, and, if you click on it, someone invites you to “chat” with them. So maybe take them up on it, to see if they have found “ways around this”.

    Benny

    Profile photo of PT18PT18
    Participant
    @pratik-tripathi
    Join Date: 2017
    Post Count: 6
    August 16, 2017 - 6:01 pm

    Thanks very much Benny for your prompt response. I shall do what you’ve mentioned.

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