18 July 1985 - The day that…
If you are in the market for an investment property there is one date that should be firmly etched in your mind when you're looking at the building contracts and its not the date of the forthcoming Auction. The date you want to be looking for is 18 July 1985. Why is that such a significant date for any property investor? Well, it the date that deductions for capital expenditure became available.
If construction of a property commenced on July 17, 1985 or before you are unable to claim deductions for building allowance and this can mean that you miss out on significant savings in tax deductions.
So, how do you find out the construction date of a property? It takes some detective work.
Places to check include:
- Local Council
- Water and Electricity Authorities
- If the property is on a strata title, check when it was registered
- Hot water system - sometimes you'll see the installation date stamped on the system.
Talk to us if you are having difficulty finding when construction commenced and we can help determine the date by looking at the property style, location and building materials used.