Property investors whom purchase existing properties with a substantial amount of renovation completed by the previous owner are eligible to claim depreciation on all plant and equipment (division 40). See division 40 for more information. That means your depreciation schedule will yield a much higher amount in earlier years thanks to eligibility to claim. This will be reviewed by Thrifty Tax Depreciation on a case by case basis to determine eligibility after you have purchased the report. If you are non-eligible, you will still receive great deductions by way of Division 43 – Capital work deductions (building depreciation).

Substantial renovations are defined in section 195-1 of the GST Act as being: renovations in which all, or substantially all, of a building is removed or is replaced. However, the renovations need not involve removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases. As such, it is at the discretion of a Thrifty Tax Depreciation Quantity Surveyor to determine on case by case basis as to whether your property will qualify for substantial renovation and be treated as a brand new property.

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Property investors whom purchase existing properties with a substantial amount of renovation completed by the previous owner are eligible to claim depreciation on all plant and equipment (division 40). See division 40 for more information. That means your depreciation schedule will yield a much higher amount in earlier years thanks to eligibility to claim. This will be reviewed by Thrifty Tax Depreciation on a case by case basis to determine eligibility after you have purchased the report. If you are non-eligible, you will still receive great deductions by way of Division 43 – Capital work deductions (building depreciation).

Substantial renovations are defined in section 195-1 of the GST Act as being: renovations in which all, or substantially all, of a building is removed or is replaced. However, the renovations need not involve removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases. As such, it is at the discretion of a Thrifty Tax Depreciation Quantity Surveyor to determine on case by case basis as to whether your property will qualify for substantial renovation and be treated as a brand new property.

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