4. Is my property too old to claim property depreciation?
The simple answer is no. If your residential property was built after July 1985 you will be able to claim both building allowance and plant and equipment. If construction on your property commenced prior to this date, you can only claim depreciation on plant and equipment (ie carpet, blinds, oven, etc). But it will still be worthwhile to do so.
Commercial and industrial properties are subject to varying cut-off dates.
Chart 1 below shows the relevant timelines for differing types of property construction.