One of the main reasons commercial investors continually fail to take advantage of the depreciation deductions available from their property, is because they believe their property is too old to warrant making a claim.
According to Bradley Beer, the Managing Director of BMT Tax Depreciation, this myth needs to be dispelled.
“Often investors make the mistake of thinking they will not receive deductions for an older property due to the date restrictions the Australian Taxation Office (ATO) place on claiming the available capital works allowance. The reality is that any property, no matter how old the building is, will entitle its owner to valuable deductions in the form of depreciation. This is because the owner is also entitled to claim depreciation for the plant and equipment assets contained within the property,” said Brad.