TAX ALERT: CLAIMING DEPRECIATION FOR YOUR INVESTMENT PROPERTY
The ATO allows investment property owners to claim an eligible tax deduction in relation to the building and the plant and equipment items within it. This can be claimed by any owner of an income-producing property and essentially reduces the investment property owner's taxable income – which results in less tax to pay!
When determining the maximum allowable tax deduction for depreciation for the year, there are two main elements which need to be considered:
· Plant and Equipment (Division 40) and
· Capital Works Allowance (Division 43).
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