The recent Federal Budget has removed the ability to claim a tax deduction for depreciation on the fixtures purchased with a residential rental property. This new restriction applies for properties settled after 9 May 2017.

If you purchased the property before this date, you have one last opportunity to obtain a quantity surveyor’s report to accelerate your allowable deductions. Also, obtaining a quantity surveyor’s report may allow you to a deduction for the cost of construction of the property. There is no changes to this deduction, which allows the construction costs to be written off over the first 40 years of the property.

If you would like further information in relation to a quantity surveyor’s report, please do not hesitate to contact our office. We would be delighted to assist you.