Property Depreciation and Natural Disasters
Over the last 6 months, with the unfortunate spate of different Natural Disasters occurring Napier & Blakeley have been requested from numerous clients what effect does it have on their existing and future capital allowances for their investment properties.
The question arises where funds from a third party such as an insurer pays for capital works.
No Insurance
Where there is no insurance claim, then all demolished capital items may be written off from the date of demolition. All newly installed and refurbished costs may be claimed once works have been completed.
Tip – ensure you keep all records of expenditure including all associated on costs such as skip hire, professional fees and the like.
We are celebrating our 30th year in business and our long association with Western Australian property and development dating back to the foundations of N&B in 1985, and last year we opened a Perth office.
We have worked in WA throughout our 30 year history without a formal office and during that time have serviced many WA clients working on billions of dollars of their WA projects.
In 1985 N&B introduced property depreciation deductions to many Perth based property investors and since then we have worked on a substantial database of Perth and WA properties, providing a variety of services including: