Bradley Beer, Chief Executive Officer of BMT Tax Depreciation, said that many landlords incorrectly assume that depreciation benefits are exclusively reserved for new properties.

"Every day we hear investors saying that they think their property is too old to carry depreciation deductions. But depreciation is available on almost all investment properties regardless of age," said Mr Beer.

Shannyn Laird, head of customer experience at leasing agency :Different said that the depreciation schedule is a commonly overlooked area that, if used correctly, could have big benefits for landlords.

"A commonly overlooked area is the depreciation schedule - it's one of the best tax benefits a property investor is entitled to yet so many investors lack education around what they can actually claim. Having the ability to claim depreciation can increase your tax return and potentially make your investment more affordable and pay it off quicker," Ms Laird said.

"It's often mistaken that older properties do not attract depreciation. However, both new and old properties hold some depreciation benefits so make sure you consider the schedule from the ATO to assist in reducing your taxable income," she added.

Mr Beer explained that there are two types of depreciation deductions that can be claimed - one for capital works, the other for plant and equipment.

Capital works referred to a property's structure and permanently fixed items such as kitchen cupboards, doors and sinks.

"Capital works typically make up the bulk of a landlord's total depreciation claim, generally 85 to 90 per cent," Mr Beer said.

These deductions can be claimed for up to 40 years from the property's construction date, depending on the type of construction, meaning a property built in 2000 could still be eligible for the deduction until 2040.

Plant and equipment, the second deduction, refers to items like carpet and blinds, Mr Beer said - although the precise list of inclusions numbers more than 6000.

While some landlords perceive only a major renovation would make them eligible for deductions, there were many smaller assets that may qualify.

"... there are definitely opportunities to claim that people don't think about - some of those little things that you're doing every few years can add up," he said.

"It could be installing a new air conditioner, a pathway or a garden shed."

While making a retrospective depreciation claim could become quite complex, Mr Beer said that making a claim that amends two previous years' tax returns was "quite straightforward".

"... beyond this, it can get complex and come under tax commissioner scrutiny. So, it's best to get on top of it early," he said.

Ms Laird said that landlords contemplating work to their property or updating appliances do so before the end of the financial year.

"We recommend our owners perform preventative and regular maintenance before the end of the financial year as it means you can get a tax depreciation that same year instead of waiting another few months - assuming the maintenance doesn't interrupt the renters living there."