Australian investors give more preference to renovate their property before leasing them out. There is a risk while renovating the property about spending thousands of dollars in property depreciation deductions.
Interest is the first and then Property depreciation is generally the second biggest tax deduction, though it’s often missed by investors. This is because it’s a considered as a non-cash deduction, meaning you don’t have to spend money to be eligible to claim it.
The Australian Taxation Office allows owners of income-producing properties to claim depreciation deductions for whatever spending on assets that time. You can claim depreciation via building structure and capital works deduction.
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