Yes, renovated properties may have depreciation deductions, especially for capital works and new assets. The claim depends on who completed the renovation, when it was done and whether the property is income-producing.
Renovated properties can be valuable from a depreciation perspective.
Potential claim areas:
Capital works from renovations
New appliances
New flooring
New air conditioning
New blinds
Bathroom upgrades
Kitchen works
Extensions
Outdoor structures
Scrapping of removed assets
Common property works
If the renovation was completed by a previous owner, capital works may still be claimable. If the investor completed the renovation, new assets and capital works should be added to the depreciation schedule.
For residential property, second-hand plant rules still need to be considered.