Quick one guys and gals
Building 3 units which should be done by years end or thereabouts. Are keeping probably at least 2 but thats not the point of my little story here.
For the ones we keep, the rate of depreciation of ##% (can’t recall right now), is it only for construction costs or does it include things such as demolition of existing place, landscaping, fencing and things like that???
Ta for any help or any links to ATO site that makes it a bit easier to understand.
Hi Tim,
The current Division 43 Capital works claim is 2.5% over 40yrs.
Your deduction is calculated from the day the building is first used after completion of construction, and is based on the construction expenditure or structural improvement made.
It includes:
• All fees associated with the design, survey, engineering and council approval
• Any earthworks and retaining walls
• Cost of building construction
• Cost of fencingExcluded items are the land cost and costs for landscaping and clearing/demolishing of existing structures.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Thanks for that Amanda, I didn't realise that so much can be depreciated. Thats great news.
Cheers
Tim
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