In one of the most dramatic changes to property depreciation legislation in more than 15 years, Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 as at Wednesday 15th November 2017 and the Bill is now legislation. The new legislation means owners of second-hand residential properties (where contracts exchanged after 7:30pm on the 9th of May 2017) will be ineligible to claim depreciation on plant and equipment assets, such as air conditioning units, solar panels or carpet. The great news is that there are still thousands of dollars to be claimed by Australian property investors. It is more important now than ever to talk to a specialist Quantity Surveyor to make sure that every deduction is claimed and nothing is missed. To learn more about the change and how it affects you, read the entire article on BMT Insider here.
Tags: tax depreciation