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Income tax deductions for the decline in value of “previously used” or “second hand” depreciating assets are no longer allowable. The changes apply from 1 July 2017 unless either:

  • the previously used asset was acquired under a contract entered into prior to 7.30 pm on 9 May 2017; or
  • the asset was acquired prior to 1 July 2017 and the entity was not entitled to a deduction e.g. it was not used to earn income.

As such, the effect of the amendments is the investor will only be allowed to deduct the decline in value of depreciating assets if the asset is acquired new.

Our automated what-if analysis will calculate up your depreciation schedule for any investment home automatically and give you accurate figures to play with. Did you want to invest or did you want to do some improvements to an investment property ? Well now you can see visually just how much you stand to gain or lose before you ever commit financially.

As your goal keeper from unnecessary taxes, we at Tax Keeper encourage you to claim the most you can without over-claiming. We protect you and provide you guidance on what best suits you and what can work for you, keeping the taxman happy and more money in your hands.

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