Can I Claim Scrapping When I Demolish Old Assets?

Quick Answer

Yes, you can claim scrapping deductions when you demolish old assets, provided they were part of your investment property and you have not fully depreciated them. Under Division 43 of the ITAA 1997, you can claim the remaining undeducted construction costs of the demolished assets, provided you have a compliant depreciation schedule. Consult a Chartered Quantity Surveyor for accurate assessments.