My property has been refurbished can I depreciate these costs? - Koste Chartered Quantity Surveyors

Most second-hand properties will have undergone some sort of renovation or asset replacement since it was built and will benefit from depreciation deductions on the cost of these works. For residential properties. Building improvements needs to have been completed after 15th September 1987 and for structural improvements after 27th February 1992, this will account for up to 85% of the total depreciation deductions with the remaining 15% attributed to plant and equipment. It does not matter whether you have completed the works yourself or the previous owner you will be eligible to claim these deductions.

Plant and equipment deductions as mentioned, accounts for around 15% of depreciation deductions. This deduction is depreciated in full if new, however if second hand and purchased after the 9th May 2017 ATO Budget changes, you will not be able to claim the deduction. A depreciation specialist is always at hand, to provide you with complementary advice in this area to ensure you maximize deductions. Remember if you renovate or replace assets, the chances are you will be eligible to also claim write-off deductions on the remaining written down value of an asset

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