Can Two Owners Claim Depreciation on the Same Property?

Quick Answer

Yes, two owners can claim depreciation on the same property, but each must do so proportionately based on their ownership interest. Under **Division 40 and Division 43 of ITAA 1997**, each owner can claim their share of plant and equipment and capital works deductions. It's crucial to calculate depreciation based on the individual ownership percentage to ensure compliance with ATO guidelines.