Can you claim depreciation on an old house?
Ever wondered if you can claim depreciation on an old house? The simple answer is yes. If your property was built after July 1985, you can claim both the depreciation on the Plant and Equipment, and the Building Allowance. If construction on your property commenced prior to this date, you can only claim depreciation on Plant and Equipment. That’s the carpet, blinds, ovens etc. But it would still be worthwhile. Commercial and industrial properties have slightly different cut-off rates so give us a call to find out more. So regardless of the age of a property – provided you contact Washington Brown close the settlement date – a depreciation schedule is going to be a worthwhile exercise.