Depreciation of Hot Water System?

Discussion in 'Property Management' started by wombat777, 12th May, 2017.

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  1. wombat777

    wombat777 Well-Known Member

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    The hot water system died on one of my properties.

    Over what time frame can the supply/install cost be depreciated?

    Current system looks approx 20-30 years old. Saxon. Can this go on a scrapping schedule???
     
    wombat777, 12th May, 2017
    #1
  2. G..

    G.. Well-Known Member

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    See this document on the ATO's website in "TABLE 3" near the end.
    https://www.ato.gov.au/uploadedfiles/content/mei/downloads/rental-properties-2016.pdf

    On page 35 it shows a new electric or gas HWS as being able to be depreciated over 12 years, or 15 years for a solar one.

    If you have a depreciation report, then you should be able to immediately write off the remaining value shown on the report for the existing HWS, although if it is 20 years old then there would be no remaining value.
     
    G.., 12th May, 2017
    #2