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What an odd error for someone who has been around this place for so long. Developers profit can't be included. And if a spec builder builds a house and sells it, his profit can't be included if a subsequent investor buys the place. But if someone pays AV Jennings (or whoever) to build...

No. It's better than that. Of that $170K, let's say $155K is for the building itself. You depreciate that at 2.5% (= $3,800). The remaining $15K would be the Assets (fixtures and fittings). Things like stoves, carpet, air cons etc depreciate more quickly than the building. Of that $15K...