Property
Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …
ATO: Holiday Home Claims The Australian Taxation Office is warning those with holiday homes to be wary of what they claim (and specifically when for) regarding their properties this year. You may need to be prepared to answer questions such as: How many days was it rented out, and was the rent in line with …