How do you depreciate these items?

[HappyCamper]

I have a 50+ year old IP purchased this financial year and have done the following things after purchase but before renting it out:

- removed the old carpet and sanded the floors
- replaced light fittings and switches
- painted the interior
- replaced a broken gutter and a couple of downpipes

How do I go about depreciating these? Does the tax office have specific rules about the standard useful life of these items?

 

[depreciator]

Sadly, garbage, that stuff is all 'building' i.e. 2.5%.

If possible, it's always to rent a place out for a while before doing much to it.

Scott

 

[syba]

If the light fittings are not hardwired or have removeable shades, then they have a life of 5yrs according to the ATO Taxation Ruling (TR 2010/2)

http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~TR~basic~exact:::AND~2010%2F2~basic~exact&target=EA&style=java&sdocid=TXR/TR20102/NAT/ATO/00001&recStart=1&PiT=99991231235958&recnum=3&tot=9&pn=ALL:::ALL