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Not sure where the ASX company jumps into a tax issue but hey.... You cannot choose not to deduct depn and Cap Allowances in reality (its complex and I wont bore you). Yes no prevailing tax benefit as $20K and under its likely a zero tax rate anyway ($18.2k isn't the true zero rate cap)...

Your conclusion makes no sense when you think it through. Cap allowances and depreciation do lower the cost base and you are correct that this means for each $1 deducted then an extra $1 adds to the profit, when it occurs. However if the property is sold and is subject to CGT and was owned...