Flats and Multi Family Property Depreciation Examples
EXAMPLE – Depreciation & Capital Allowances – Flats – Biggera Waters Queensland 4216
| Location: | Biggera Waters QLD 4216 |
|---|---|
| Property Type: | 3 Level flat building comprising 10 flats with undercover carparking 10 x 2 bed, 2 bath flats |
| Purchase Price: | Not disclosed |
| Settlement Date: | November 2017 |
| Construction Date: | November 2017 |
| Total depreciation calculated for the 1st full year: | $96,336 |
| Total depreciation calculated over a 5 year period: | $416,751 |
| Total depreciation calculated over a 10 year period: | $793,693 |
| Total depreciation calculated over a 40 year period: | $2,816,500 |
NOTE: Purchased post 9 May 2017 unable to claim depreciation on existing plant & equipment items at time of purchase under the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 Chapter 2 – Limiting deductions for plant and equipment in residential property. If new plant and equipment items are purchased and installed by the owner, they are able to claim depreciation on those plant & equipment items providing they are new and only used for income generating purposes.
EXAMPLE – Depreciation & Capital Allowances – Flats/Multi Family – Morayfield Queensland 4506
| Location: | Morayfield QLD 4506 |
|---|---|
| Property Type: | 2 flats – not strata titled Flat 1: 3 bed, 2 bath, single lock up garage Flat 2: 2 bed, 1 bath, single lock up garage |
| Purchase Price: | $532,462 (House & Land Package) |
| Settlement Date: | November 2017 |
| Construction Date: | November 2017 |
| Total depreciation calculated for the 1st full year: | $12,808 |
| Total depreciation calculated over a 5 year period: | $52,205 |
| Total depreciation calculated over a 10 year period: | $93,364 |
| Total depreciation calculated over a 20 year period: | $161,549 |
| Total depreciation calculated over a 30 year period: | $227,765 |
| Total depreciation calculated over a 40 year period: | $296,662 |
NOTE: The property comprises a new residential premise and is not affected by the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 Chapter 2 – Limiting deductions for plant and equipment in residential property.
EXAMPLE – Depreciation & Capital Allowances – Flats/Multi Family – Griffin Queensland 4503
| Location: | Griffin QLD 4503 |
|---|---|
| Property Type: | 2 flats – not strata titled Flat 1: 2 bed, 1 bath, single lock up garage Flat 2: 3 bed, 2 1/2 bath, single lock up garage |
| Purchase Price: | $598,500 (House & Land Package) |
| Settlement Date: | March 2017 |
| Construction Date: | March 2017 |
| Total depreciation calculated for the 1st full year: | $13,633 |
| Total depreciation calculated over a 5 year period: | $51,373 |
| Total depreciation calculated over a 10 year period: | $95,878 |
| Total depreciation calculated over a 20 year period: | $169,430 |
| Total depreciation calculated over a 30 year period: | $240,759 |
| Total depreciation calculated over a 40 year period: | $317,199 |
NOTE: The property comprises a new residential premise and is not affected by the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 Chapter 2 – Limiting deductions for plant and equipment in residential property.
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