Tax office unveils investment property deductions

[ger]

http://www.abc.net.au/news/newsitems/200406/s1141751.htm

 

[geoffw]

Thanks ger.

The important message for many of us-

The ATO says there is no need for property investors to be alarmed about new depreciation schedules because they will only apply to properties purchased after June 30, 2004.

 

[TheBacon]

All well and good, so long we dont intend to purchase property AFTER the date....

Death and taxes...

theBacon

 

[quoll]

I wonder if this will help reduce prices and increase yields?

I'll be keeping a close on on house prices in the next couple of months.

Cheers
Quoll

 

[geoffw]

And another story today with more "complete" information but with some contradictory info

http://www.theaustralian.news.com.au/common/story_page/0,5744,9982287%5E2702,00.html

IN another setback for residential investment property owners, the Australian Taxation Office has cut first-year depreciation deductions landlords can claim by up to $8000.

In a move aimed at reeling in a $700 million blow-out in rental property deductions, the changes, announced yesterday as part of a taxation ruling on the effective life of depreciating assets, mean the ATO has effectively decreed that light fittings made in China have the same useable life as bricks and mortar...

 

[JumJones]

But .. when said light fittings blow up, can you write them down in that year completely?

 

[geoffw]

But .. when said light fittings blow up, can you write them down in that year completely?

It's been my experience that anything which is replaced has the residual cost written off.

I received notification today that a fridge broke down. I made sure that I received a notice dated today that it was broken. Hopefully I can claim it this FY.