Depreciate full item or can I claim some immediately?

Discussion in 'Accounting & Tax' started by James Bond, 4th Nov, 2016.

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  1. James Bond

    James Bond Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    218
    Location:
    Melbourne
    Hi

    Recently had to have a water pump replaced at one of my IPs. The parts were $755+GST and the labour was $270+GST.

    Can I claim any of this immediately or should it all be added to my depreciation schedule?
     
    James Bond, 4th Nov, 2016
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,536
    Location:
    Sydney
    Depreciation applies to the installed cost. The old item on the QS may be eligible for scrapping if its not pooled. The QS may be able to update and reflect this change
     
    Paul@PAS, 4th Nov, 2016
    #2
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