Limit for Plant and Equipment depreciation deductions

Income tax deductions for the decline in value of previously used plant and equipment in rental premises used for residential accommodation are no longer allowed. The changes are now law. The Treasury Laws Amendment (Housing Tax Integrity) Act 2017 received royal assent on 30 November 2017. The changes apply from 1 July 2017 to: Owners of a second-hand property with previously used plant and equipment acquired at or after 7.30 pm on 9 May 2017 unless it was acquired under a contract entered into before this time. Plant and equipment acquired before 1 July 2017 but not used to earn income in either the current or previous year. Investors who purchase new plant and equipment will continue to b

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