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Tax Depreciation Examples

House Purchased On/Before 9 May 2017 Depreciation Example 1
Location: Northgate QLD 4013
Property Type: Highset, 3 bed, 2 bath, dwelling with undercover carparking & storage
Purchase Price: $550,000
Settlement Date: September 2014
Available for Lease: December 2015
Construction Date: February 2003
Total depreciation calculated for the 1st full year: $5,544
Total depreciation calculated over a 5 year period: $22,313
Total depreciation calculated over a 10 year period: $41,296
Total depreciation calculated over a 40 year period: $107,262

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.