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J_A_H(Enthusiast)Enthusiast
30 Oct 2023

Hi there, just wondering if anyone can help with advice on how to treat capital depreciation for a rental property purchased in 2022/23 FY on a property built in 2017.


Specifically I'm wondering whether I can claim anything for depreciation of the property (as in the building itself) in my tax return.


If I can depreciate the asset, how is that done, do I need some kind of schedule based on the original construction cost?


And if that's the case is it normal to ask for this from the previous owner (who was also an investor), or would you normally somehow produce this yourself?


Thanks in advance for your advice.

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382 views
3 replies

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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
31 Oct 2023

If the previous owner cannot provide a copy of a quantity surveyor report,

then you will need to get the QS report yourself.


Search on: quantity surveyor tax report


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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
31 Oct 2023

If the previous owner cannot provide a copy of a quantity surveyor report,

then you will need to get the QS report yourself.


Search on: quantity surveyor tax report


J_A_H(Enthusiast)Enthusiast
31 Oct 2023

Thanks Bruce


So just to clarify, claiming a deduction for the capital depreciation of the property itself (as in the building) is a legitimate claim, and if the previous owner had a depreciation schedule or QS report it would be acceptable to use this as the basis for my claim?


Is my understanding correct that this deduction can be claimed at a rate of 2.5 per cent per year for up to forty years?

Bruce4Tax(Taxicorn)Taxicorn
31 Oct 2023

if the previous owner had a depreciation schedule or QS report it would be acceptable to use this as the basis for my claim?


Yes


Is my understanding correct that this deduction can be claimed at a rate of 2.5 per cent per year for up to forty years?


Yes


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