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Breaking news - Parliament passes changes to depreciation legislation

  • Tags: First Home Buyers, News, Property Investment, Tax

Breaking news - Parliament passes changes to depreciation legislation

In one of the most dramatic changes to property depreciation legislation in more than 15 years, Parliament has passed the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 as at Wednesday 15th November 2017 and the Bill is now legislation.

The effect of this new law is that the benefit of the unexpended depreciation for Plant and Equipment cannot be transferred to the buyer on the sale of an investment property. If you are buying a new property Plant and Equipment and Building Depreciation are still available.

First National is currently marketing some excellent new properties in Palm Beach that qualify for full depreciation. If you would like to see the benefits of buying new as opposed to used you can use the calculator on our website or go to the BMT website.

The great news is that there are still thousands of dollars to be claimed by Australian property investors in the way of Building Depreciation. It is more important now than ever to talk to a specialist Quantity Surveyor to make sure that every deduction is claimed and nothing is missed.

You can watch a short video prepared by our Quantity Surveyor partner BMT to learn about the key points of this new legislation. From November 15 BMT will tailor every depreciation schedule to suit each property investor's scenario in line with the new legislation in order to ensure that property depreciation and capital gains tax deductions are maximised.

Click on the image below to watch the video and learn about the new legislation.

Breaking News - Parliament passes changes to depreciation legislation
Breaking news - Parliament passes changes to depreciation legislation
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First National Palm Beach
18 Sixth Ave Palm Beach, Queensland 4221
Phone: 07 5559 9600