Can depreciation be claimed on renovations completed by previous owners?
When a tax depreciation report is prepared, your tax specialist should take into consideration any renovations carried out by previous owners.
Even though you may not have carried out the work yourself, there may be depreciation deductions for you to claim.
A thorough site inspection is undertaken on your property and further council searches can also expose previous renovations carried out on the property. Always consult a depreciation expert about your entitlements. Maximising the depreciation available in your investment property may improve your cash flow position each financial year – you’ll pay less tax!
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