It could still be lucrative, though. Have I missed above anywhere where it says how old the building is? Deductions from depreciation could still be in the thousands p.a. for quite some time.

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3. Depreciation of fixtures and fittings won’t be available because the house is not new. Only building works could be claimed.
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It could still be lucrative, though. Have I missed above anywhere where it says how old the building is? Deductions from depreciation could still be in the thousands p.a. for quite some time.

Probably, yes.

The occasional/incidental use rule is a grey area and there’s information on the ATO website that we believe is soon going to be out-of-date. At the moment we feel like anything more than a week (say, on an annual basis) could very well test the definition of “occasional”. That advice has come from the NTAA.

Hi Codie,

I saw your post and it interests me. I’m going to have to step in and say that I agree with some opinions already given: $27 000 in first-year depreciation seems a lot for a build cost of this size. I would estimate more in the realm of a bit over half that. Maybe think more in a window of $12 500-$15 500, the lower end of that…[Read more]