Title: Understanding Depreciation Restrictions for Rental Properties
Many believe that the new depreciation rules starting July 1, 2017, only affect second-hand assets bought after May 9, 2017. However, it's crucial to note that these restrictions can also apply to assets acquired before that date.
Specifically, the restriction applies to previously used assets acquired before May 9, 2017, if the asset was utilized in any way during the 2017 tax year and no depreciation deduction was claimed for that year.
For expert advice on navigating these rules, contact Tax Ideas Accountants & Advisers at +61 2 83181545 or book an appointment on our live calendar.