Property Renovation and Depreciation Deductions

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.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au