Well, I’ve got to be honest…it’s a made up term because a “Scrapping Schedule” sounds a lot better than the ATO’s “residual value write-off deduction”. Don’t you agree? Basically, “scrapping” is claiming a deduction for plant and equipment items (ovens, dishwashers etc) and capital works deductions (bricks, concrete etc.) when you throw them away or…
Articles by Tyron Hyde
Tyron Hyde is the CEO of Washington Brown Quantity Surveyors and has over 20 years’ experience in the construction and development industry. He is also the only published author on the topic of property depreciation in his new book CLAIM IT! Visit www.washingtonbrown.com.au
Whilst the depreciation laws in this country are quite complex, as a whole, I believe they are balanced and offer property investors realistic benefits. But there is always room for improvement. As mentioned in my previous posts, I disagree with the rates at which certain items can be claimed, along with their effective life. For instance, I would…
To even experienced property investors, depreciation can still be a bit of mystery, to novice property investors it most certainly always is. To simplify depreciation, you can claim the wear and tear of an investment property as a tax deduction against your income. There are two components to this claim; Building Allowance (bricks, concrete etc.) &…