All Topics / The Treasure Chest / Depreciation of household goods

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55
    May 28, 2003 - 5:27 am

    I have a question with regards to depreciating furniture, whitegoods etc that you have purchased for tennant use in a rental property.

    If these items are secondhand (ie: purchased 2nd hand)and are soley used by tenants in a income producing property can they be depreciated, or do they need to be new items in order for you to be able to depreciate them?

    Cheers

    Seb

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    May 28, 2003 - 6:10 am

    Hi Sebastian

    Yes, you can depreciate these items if they are used solely for income producing purposes. It doesn’t matter if the goods are second hand or new. The purchase cost of these goods can be depreciated over their useful life (which normally equates to a deprecation rate of 5% to 15% on a straight line basis – varies according to the white goods).

    I hope that helps.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

The topic ‘Depreciation of household goods’ is closed to new replies.