Tax & Asset

2017 Budget Change

The change to tax depreciation on the 9th of May 2017, known as the “2017 Budget Change,” primarily affected depreciation deductions for residential property investors in Australia. the 2017 Budget Change restricted the ability of residential property investors to claim depreciation on second-hand assets, emphasizing that they must be the original purchasers of these assets …

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Building Allowance

Another term for capital works deduction, representing the claimable depreciation on the construction cost of the building.

Capital Allowances

The total deductions claimed for capital works and plant and equipment depreciation on an investment property.

Capital Gains Tax (CGT)

A tax on the profit made from the sale of an asset, including property, which may be affected by depreciation deductions.

Capital Works

refer to the structural elements and construction costs associated with a building or property. These include the expenses incurred for the initial construction or substantial renovation of the property, such as the foundation, walls, roof, floors, and other permanent structural components. Capital works are subject to depreciation deductions under Division 43 of the Income Tax …

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Commercial Property

A property used for business purposes, such as offices, warehouses, or retail spaces, subject to specific depreciation guidelines.

Common Areas

Shared spaces within a property, such as corridors or lobbies in apartment buildings, subject to specific depreciation rules.

Construction Start Date

The date on which construction of a property commenced, used to determine the starting point for capital works deductions.

Depreciation Rate

The percentage at which an asset’s value is reduced annually for depreciation purposes.

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