Govt limiting plant & equipment deductions

Discussion in 'Accounting & Tax' started by Keentolearn77, 20th May, 2017.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    So from july 1 govt is limiting plant & equipment deductions....

    For properties purchased after july1 2017....?

    If i have a property i have owned for a number of years.
    Plan to develop & retain all the townhouses i plan to build and have completed obviously after july 1 2017.

    Do i get impacted by the new changes coming in....?

    I assume not as i already own the property....?
     
  2. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

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    Australia
    It's actually for properties where the contracts were exchanged after the budget announcement, not the 1/7.

    However, you're building brand new properties and won't be affected. Properties acquired before the budget will also not be affected.

    Our statement is on our website. We're obviously hoping for answers soon, but we're not panicking.
     
    Last edited by a moderator: 29th May, 2017
    Ross Forrester likes this.
  3. Paul@PAS

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

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    Not at all. Two messages from this issue
    1. A QSreport can help
    2. Having a tax adviser on tap is a benefit