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What can I depreciate and new legislation
(1) The construction cost
: "division 43" or "capital works"
You can depreciate the cost of the the construction (or additions and renovations) from the time the dwelling was built or addition constructed.
For residential investment properties this must have occurred after 18 July, 1985.
(2) Other items
: "division 40"or "plant"
You can also depreciate items that are not part of the building fabric as specified by the ATO.
A partial list of eligible items for this type of depreciation claim features
after (3) below.
(3) New Law 2017
Does not affect owners who purchased the property prior to the applicable date of 9 May 2017.
New law detail:
Limit plant and equipment depreciation deductions to outlays actually incurred by investors.
From 1 July 2017, the Government limits plant and equipment depreciation deductions to outlays actually incurred by investors in residential real estate properties.
Plant and equipment items are usually mechanical fixtures or those which can be ‘easily’ removed from a property such as dishwashers and ceiling fans.
This is an integrity measure to address concerns that some plant and equipment items are being depreciated by successive investors in excess of their actual value.
Acquisitions of existing plant and equipment items will be reflected in the cost base for capital gains tax purposes for subsequent investors.
These changes will apply on a prospective basis, with existing investments grandfathered.
Plant and equipment forming part of residential investment properties as of 9 May 2017 (including contracts already entered into at 7:30PM (AEST) on 9 May 2017) will continue to give rise to deductions for depreciation until either the investor no longer owns the asset, or the asset reaches the end of its effective life.
Investors who purchase plant and equipment for their residential investment property after 9 May 2017 will be able to claim a deduction over the effective life of the asset.
However, subsequent owners of a property will be unable to claim deductions for plant and equipment purchased by a previous owner of that property.
Sample list of other items : "division 40"or
"plant"
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Barbecues |
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Bathroom accessories, e.g., towel rails and rings, toilet paper holders & soap dishes |
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Carpet to common property |
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Carpet to units |
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Ceiling fans – fittings only (as per furniture & fittings) |
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Clothes dryers |
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Curtains and curtain track and control systems |
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Dishwashers |
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Electric or gas hot water services |
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Electric or gas hotplates |
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Electric or gas ovens and stoves |
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Electronic or gas heaters |
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Exhaust fans |
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Fire alarm systems – alarm, hoses and nozzles |
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Fire alarm systems – water services |
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Fire crowd control |
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Fire extinguishers |
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Fire hose reels |
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Fire sprinkler systems |
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Garden Watering System |
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Intercom systems |
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Lifts – Electric |
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Lifts – Hydraulic |
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Light fittings, including garden & external lights (excluding wiring) |
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Microwave ovens |
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Motors and generators |
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Refrigerators |
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Room air-conditioners |
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Security alarm systems |
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Solar hot water services |
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Split system air-conditioning |
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Swimming pool & spa equipment, eg: pumps, chlorinators, filters, pool lights |
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Tennis court equipment – posts, net, umpire’s chair. Etc. |
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TV antennae, MATV systems |
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Venetian blinds, and the like |
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Vinyl flooring |
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Washing machines |
New items will have a greater impact on your tax claim. Older items may have already used up their "effective life" and not be eligible for a tax claim.
For example, a dishwasher acquired and installed after 30 June 2004 has an ATO
defined "effective life" of 10 years.
Where "effective life" has passed (10 years in the case of the dishwasher) no
additional depreciation is claimable.
Order a Tax Depreciation Report
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Call (02) 4362 2662 / (02) 9907 7770 and supply some property information
or
fill in the
online depreciation report order form
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We attend your site and record ALL depreciable items.
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We send you your tax allowance (depreciation report).
If you're looking for Prompt, Reliable, Personal Service?
Call us today for a free, no obligation quotation & expert advice!
 | 02 4362 2662 or 02 9907 7770
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 | 0434 468 110
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 | peter@depreciation2.com.au |
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