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Tax Depreciation Examples

House Purchased On/Before 9 May 2017 Depreciation Example 3
Location: Cannon Hill QLD 4170
Property Type: 2 level, 4 bed, 2 bath, dwelling with study and double lockup garage
Purchase Price: $465,000
Settlement Date: September 2006
Available for Lease: January 2016
Construction Date: September 2006
Total depreciation calculated for the 1st full year: $11,307
Total depreciation calculated over a 5 year period: $45,684
Total depreciation calculated over a 10 year period: $86,979
Total depreciation calculated over a 40 year period: $252,650

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.