Even if you were to obtain the original construction cost from the previous owner you still need this to be split into Division 43 depreciation,...
Thanks Paul for reaffirming what I had thought.
I assume this client cannot depreciate Division 40 items in this instance but would like to hear what others think in light of the Legislative...
Since you brought it up... Wouldn't the CGT loss work like this: Buy for $1M sell 10 years later for $2M without taking Div 40 assets into account...
Thanks Scott, I sat in on the webinar. It could have gone for a few hours longer IMO - was very rushed and I reckon countless attendees left...
Thanks Michael I had read that but my concern is 2.35 states "new apartment". Could this be interpreted as / referring to new properties acquired...
After a second opinion from a tax expert / accountant please. In relation to the Budget changes to plant and equipment (Division 40)...
Yes.
I assume that, in this example (garage door replacement following accidental damage by the lessee), that depreciation entitlements revert to the...
So Terry, assuming the tenant pays for it directly, is the landlord still entitled to claim depreciation on the new door? And, write-off the...
Looking for an opinion please: Scenario, a tenant drives into the garage door of the property that they lease. As a result, the garage door needs...
If you signed a contract post 9 May 2017 then you can't claim the plant and equipment and depreciation will be limited to the building...
Correct
Depreciation on kitchen renovation (excluding appliances) is 2.5% per year for 40 years. If it is an existing rental property then you should also...
As Terry stated, you may have to seek a Private Ruling on this. At this stage this still appears to be a grey area. The Legislation does state...
You can only depreciate the "cost to the taxpayer" In other words, you would require an invoice for your labour in order to claim depreciation...
Thanks
So, using Example 2.3, are you saying the capital gain is $200k or $190k (ie $200k less 10k)?
Paul, I have an accounting question based on the above. Using the Example 2.3 in the Exposure Draft...Client sells property for $700k that he...
Trademark...lol Re: "the total unclaimed depreciation is deducted from the capital gain to reduce the CGT payable" What about the balancing...
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