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Claiming depreciating assets in your rental property

(Quartile Research)
One issue that causes confusion for property investors (and their accountants) when lodging an annual tax return, is what items can be considered a depreciating asset?

The Australian Tax Office has produced a list of over 230 items likely to be found in residential rental properties, and identified them as both depreciating assets and eligible for a decline in value deduction, or as assets eligible for a capital works deduction.

Depreciating assets commonly found in residential rental properties include:

-air conditioning units (excluding ducts, pipes and vents);
-lights, both fitted and freestanding, and including shades;
-removable floor coverings, rugs;
-garbage bins and compactors;
-window curtains and blinds;
-electronic security assets, intercoms;
-freestanding furniture;
-heaters, ceiling fans;
-hot water systems (including solar hot water heaters);
-refrigerators, freezers, stoves, cook tops and range hoods;
-swimming pool filtration and cleaning systems;
-television sets, dvd players;
-washing machines, dryers.

You can find the full list in the Tax Office’s Rental Properties 2004-05 booklet, specifically at

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