Depreciation

Hi all,

Someone on SS mentioned that if you sell an IP using the 6yr PPOR rule you have to pay back the depreciation deductions you have claimed over the years it was rented. The ATO seemed to think that you don't but they weren't completely sure!

Does anyone know from experience?

Thanks!
 
Tarah, what you claim on the building itself has an effect on CGT calcs i.e. you deduct from your cost base anything you have claimed on the building.
But there is the 50% CGT discount etc.
The Assets (fixtures and fittings) don't come into it.
Scott
 
Thanks Scott,

I'll be avoiding CGT with the 6yr PPOR rule so I guess that means I don't need to worry about depreciation I've claimed over the years? I've never sold before and I don't want to be told at tax time that I need to pay anything I didn't consider!

Thanks again
Tarah
 
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