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Tazzazoom(Initiate)Initiate
5 Aug 2021

Hi

I have had an investment property for some time (from new) and have claimed depreciation per the initial schedule each year. However now the cost base has reduced well below the propery current value. Can I decide not to claim depreciation this year and therefore not reduce the cost base any further. The reason is I no longer work and therefore pay no tax currently however when I sell teh property I will be liable for CGT. I have two assets purchased I depreciate also (air conditioner, dishwasher). Can I stop these as well?

Cheers Tazzazoom

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BlakeATO(Community Support)Community Support
9 Aug 2021

Hi @Tazzazoom

If it is a rental property and available for rent, you'll need to claim the depreciation as a deduction, as per rental property expenses to claim.

Your rental income is taxable, and likely means you have tax to pay before accounting for expenses on the property. That's why it's important to claim your deductions now.

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Most helpful reply

BlakeATO(Community Support)Community Support
9 Aug 2021

Hi @Tazzazoom

If it is a rental property and available for rent, you'll need to claim the depreciation as a deduction, as per rental property expenses to claim.

Your rental income is taxable, and likely means you have tax to pay before accounting for expenses on the property. That's why it's important to claim your deductions now.

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Do I need to claim Depreciation expenses or can I opt out? | ATO Community