Thinking of purchasing a residential property? Here is what you need to know about recent property depreciation changes

Last month the Senate passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017, with which came changes to depreciation for existing residential properties purchased after 9 May 2017. The purpose of the amendment is to stop owners and investors claiming overstated deductions by ‘refreshing’ the values of previously used depreciating assets in residential rental properties. How does this affect me? If you have acquired an existing residential property containing ‘previously…  Read more