Education | 18 April 2024
Do depreciation deductions apply to you?
Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property. Most investors are aware of some of the deductions they are entitled to; for example, they know they can claim their Property Manager’s fees, council rates and any repairs and maintenance costs. However, all too often investors are unaware of property depreciation and as such they frequently miss out on the valuable returns these deductions can provide them with when they complete their annual income tax returns. To help investors maximise the deductions they can claim from an investment property, let’s look at some key points to help you understand depreciation.
