Do you claim depreciation as a tax deduction?

Do you claim depreciation as a tax deduction?

Have you claimed for depreciation on your investment property? You should given its tax deductibility. If you are buying an investment property you should look at getting a Quantity Surveyor report completed. It may cost around $600 to do one but you may be able to get this back and more when it comes to doing your next tax return. For example any asset that cost you $300 or less you can claim an immediate deduction. And, make sure you also itemise your repairs and maintenance costs or renovation costs. Before doing anything remember to consult your accountant on tax advice.

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