Can depreciation be claimed on property that has been held for years?

Yes, the structure of an investment property has an effective life of 40 years and tax depreciation can be claimed on an investment property that was built post-September 1987. Another tip that could save investors thousands is that their Accountant can help claim tax depreciation retrospectively, amending up to the past two financial year tax returns and making the most of depreciation deductions that may have been lost through not claiming. It is completely legitimate and the ATO actually encourages people to do this.