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Tax Depreciation Examples

High Rise Unit Depreciation Example 1
Location: Maroochydore QLD 4558
Property Type: Furnished 2 bed, 2 bath unit in highrise complex
Purchase Price: $700,000
Settlement Date: September 2016
Available for Lease: December 2016
Construction Date: September 1983
Total depreciation calculated for the 1st full year: $12,890
Total depreciation calculated over a 5 year period: $49,567
Total depreciation calculated over a 10 year period: $74,878
Total depreciation calculated over a 40 year period: $113,024

NOTE: The property was purchased on/before 9 May 2017 and was used in the 2016/17 financial year as an investment property. Under the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 Chapter 2 – Limiting deductions for plant and equipment in residential property, the plant and equipment items identified within the property under Division 40 or Subdivision 328-D are eligible to be deducted under Division 40.