Frequently Asked Questions

Can I claim tax depreciation on renovations the previous owner(s) completed?

Yes, you can claim tax depreciation on renovations completed by previous owners if they meet certain criteria, such as being completed after February 27, 1992. To claim tax depreciation under division 43 building depreciation, it’s important to verify the renovation date and any other relevant details using services like the Thrifty Address Check form. Keep in mind that you can only claim tax depreciation on the remaining value of the renovations, not on their original cost.

Back to FAQ