depreciation question

W

WebBoard

Guest
From: Anonymous


Hi all,

A simple question that I can't find an answer to in the archives...

Does it matter when in the financial year you buy a property for depreciation (plant and building) to apply? e.g If I bought a property tomorrow could I claim depreciation for the whole of this financial year or just from February onwards?

Thanks,

Matthew
 
Last edited by a moderator:
Reply: 2
From: Geoff Whitfield


My understanding (limited- PLEASE correct me if wrong- based on a purchase of a new property).

Items under $300 were written off. Other items were depreciated pro rata.

I too would like some clarification on this.
 
Last edited by a moderator:
W

WebBoard

Guest
Reply: 1.1
From: Steve Kiddle


Depreciation only for Feb - June, ie : 5months/12months times the annual allowable depreciation
 
Last edited by a moderator:
W

WebBoard

Guest
Reply: 2.1
From: Bob Quiggin


Hi Geoff. Long time, no cashflow.

MY understanding (again, I'm no accountant):

1. Under $300 written off immediately.
2. Written down value under $1000 and over $300 18.75% in year of purchase and 37.5% thereafter.
3. Over $1000 value use Tax Commissioner's safe harbour assessments.

CHECK WITH YOUR ACCOUNTANT after checking the ATO site.

(Ching! $1 to Les [old joke])
 
Last edited by a moderator:
Reply: 2.1.1
From: Les .



Thanks, Bob - come again !! ;^)

Regards,

Les


- "Eschew Obfuscation" - ;^)
 
Last edited by a moderator:
W

WebBoard

Guest
Reply: 2.1.1.1
From: Mathew Poxon


Thanks all.

Matthew
 
Last edited by a moderator:
Top