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Deferred Depreciation


As you may be aware, there were changes announced to depreciation for residential investment properties in the 2017 Budget. In response to these changes, which at the time of writing are still in draft form, we have added some new service offerings for affected clients. There is a summary of who is affected below and a short introduction to our new Deferred Depreciation Schedules™.

Depreciation Changes in the 2017 Budget

In the Federal Budget handed down on May 9, 2017, the Treasurer announced some changes to depreciation.

These changes do NOT affect brand new, or off-the-plan residential investment properties
They do NOT affect commercial investment properties.
They do NOT affect residential investment properties purchased (contract exchange) BEFORE May 9, 2017.

The changes affect the Assets: appliances, carpet, air con etc., in second-hand residential investment properties purchased AFTER May 9, 2017. Used Assets in these properties can no longer be depreciated.

(Thankfully, in many cases there is still substantial depreciation to be claimed in the building itself and in any renovations – even those done by previous owners.)

Going back to the Assets, all is not lost. The depreciation you could have claimed on the Assets in these second-hand properties, can now be tallied up and the total is deducted from the sale price to reduce your Capital Gains Tax bill (CGT).

Introducing Our New Deferred Depreciation Schedules™

On a near new, good quality, property held for 5 years and then sold, the Deferred Depreciation™ could amount to $25-30,000. That is a significant CGT saving.

To help you benefit from this CGT saving upon sale of your property, we now have a Deferred Depreciation Schedule™. Our Deferred Depreciation Schedule™ will detail clearly for your accountant how much they can deduct from your CGT bill when your property is sold.

If you are affected we will give you the choice of having a Special Building Write Off Schedule with no asset values, at a reduced fee, or a Deferred Depreciation Schedule™ which will detail asset values and allow your accountant to calculate termination values for the assets easily at the time of sale. For a sample Deferred Depreciation Schedule™ just click here.

Call the Depreciator team on 1300 66 00 33 to learn more.

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