Secondhand House Post 9 May 2017 Depreciation Examples
EXAMPLE – Depreciation & Capital Allowances – House Purchased Post 9 May 2017 – Wellington Point Queensland 4160
| Location: | Wellington Point QLD 4160 |
|---|---|
| Property Type: | Single level, 4 bed, 2 bath, dwelling with double lock up garage |
| Purchase Price: | $615,000 |
| Settlement Date: | January 2018 |
| Construction Date: | October 2000 |
| Total depreciation calculated for the 1st full year: | $4,303 |
| Total depreciation calculated over a 5 year period: | $18,695 |
| Total depreciation calculated over a 10 year period: | $38,788 |
| Total depreciation calculated over a 40 year period: | $96,889 |
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 – House Purchased Post 9 May 2017 – Upper Coomera Queensland 4209
| Location: | Upper Coomera Queensland 4209 |
|---|---|
| Property Type: | Single level, 4 bed, 2 bath, dwelling with double lockup garage |
| Purchase Price: | $445,000 |
| Settlement Date: | January 2018 |
| Available for Lease: | January 2018 |
| Construction Date: | June 2004 |
| Total depreciation calculated for the 1st full year: | $4,253 |
| Total depreciation calculated over a 5 year period: | $18,957 |
| Total depreciation calculated over a 10 year period: | $40,222 |
| Total depreciation calculated over a 40 year period: | $116,391 |
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 – House Purchased Post 9 May 2017 – Russell Island Queensland 4207
| Location: | Russell Island QLD 4207 |
|---|---|
| Property Type: | Single level 3 bed, 1 bath, dwelling with carport |
| Purchase Price: | $180,000 |
| Settlement Date: | September 2017 |
| Available for Lease: | September 2017 |
| Construction Date: | September 2008 |
| Total depreciation calculated for the 1st full year: | $4,703 |
| Total depreciation calculated over a 5 year period: | $22,407 |
| Total depreciation calculated over a 10 year period: | $45,922 |
| Total depreciation calculated over a 40 year period: | $148,922 |
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.
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