The 2017 Budget again amends the way the Depreciate value of Residential Rental Properties are calculated and has also extended benefits for Small Businesses.

The main items to be aware of are as follows:

Residential Property :

Investors who purchase plant and equipment for their residential investment property after 9 May 2017 will be able to claim a deduction over the effective life of the asset.

Subsequent owners of a property will be unable to claim deductions for plant and equipment purchased by a previous owner of that property.

Small Business

The $20,000 instant asset write-off for equipment expenses for small business has been extended until 30 June 2018,

Depreciating assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the general small business pool (the pool) and depreciated at 15% in the first income year, and 30% for each income year thereafter.

A senior Business Director and Advisor with International experience in a broad range of market sectors, Paul Elphick is based in our Sydney office. Don’t hesitate to contact him for more detail around the broader implications of the Federal Budget .

Email Paul