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Tax Depreciation Examples

House Purchased Post 9 May 2017 Depreciation Example 3
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.