Lead article in the AFR (23/3/04) – ATO takes aim at property tax breaks.
Quoting from the article “The ATO is circulating a proposed determination that will reduce the number of items in a building that can be depreciated quickly as fittings or plant…”
Essentially it seems as if teh ATO want to re-classify previous items which came under plant and equipment to Building.
“Items being re-classified as part of the building include light fittings, emergency light systems and satellite dishes”
The article mentions reductions could be reduced by 10-15%, although they don’t clarify how they calculated this.
There is also a graph which indicates that all income groups have proportinately the same level of income earnings from rentals. From self-funded retirees through to over $60k.. They don’t confirm what percentage of these people actually use depreciation allowances, so the impact is difficult to assess. All other things being equal, it will hit lower income earners harder though…
http://www.washingtonbrown.com.au/uploads/Draft_Dep_Ruling.pdf
James
James,
The good think about that link you posted was that we get to see what a Quantity Surveyor does!! It’s an interesting list, and thankyou for posting the article
kay henry
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