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Can I claim depreciation from previous years?
If you forgot to claim depreciation on your rental property or didn’t realise you were entitled to it, you’re not alone. Many Australian property investors assume it’s too late to recover missed deductions once the financial year has ended – but that’s not the case.
Unclaimed depreciation can cost investors thousands of dollars in lost tax benefits. Fortunately, there is a way to fix this: a process known as back-claiming.
