tax depreciation schedule - bell property & investment ...€¦ · tax depreciation schedule...

Tax Depreciation SchedulePrepared for John Citizen

218 Sample Road, Sampletown VIC 3000

Bell Property & Investment Services

P: 1300 400 113

E: [email protected]

www.bellproperty.com.au

Residential Property Deduction SchedulePrepared For

Property

John Citizen

218 Sample Road, Sampletown

VIC, 3000 P: 1300 400 113

Residential Property Deduction Summary

Residential Property Deduction Summary

Settlement Date 18-Dec-14

Purchase Price $513,000.00

Total Expenditure $513,000.00

Total Allowances $140,896.64

Our Guarantee: The above property has been inspected and analysed under ATO guidelines, and all depreciable assets identified, providing you, the investor with the maximum legitimate benefits achievable under current legislation as at the date of inspection.

No doubt you will be delighted by the schedule, so please tell your friends. Thank you for using our services.

of 13Schedule No. 5 / Ref No. 1234 26-Oct-2017


Property

John Citizen


VIC, 3000 P: 1300 400 113

Important Notes

This schedule details the property depreciation deductions that are eligible for John Citizen on the property 218 Sample Road available from 18-Dec-14 based on legislation in effect on the 30/10/2010.

The calculations used to generate this schedule are derived from formulas provided by the Australian Taxation Office (ATO) and have been prepared by persons deemed suitably qualified by the ATO.

The property's construction cost is based on the actual cost incurred in relation to the construction of the building, structural improvements and extensions. Where the new owner is unable to determine precisely the construction expenditure associated with the building, an estimate of construction works has been adopted as per ATO guidelines on Capital Works deductions.

All plant listed in this schedule was identified during an on-site inspection and has been valued as an apportionment of the total capital expenditure analysed. This schedule has been prepared based on the understanding that the exclusive ownership of all items of plant is to 218 Sample Road. If this is not the case, it is the purchaser's responsibility to remove them from this schedule.

The depreciation rates used in this schedule are taken from those recommended in legislation at the time the property was acquired.

The ATO does not consider land and landscaping as a depreciable asset and therefore does not qualify for depreciation and cannot be claimed.

Both the Diminishing Value and Prime Cost Depreciation methods have been offered in this schedule. It is the purchaser's responsibility to discuss each with their financial advisor in order to select the most appropriate methods.

If you hold an asset jointly with others and the cost of your interest in the asset is $300 or less, you can claim the immediate deduction even though the depreciating asset in which you have an interest costs more than $300. As per ATO's Guide to Depreciating Assets 2015.

Immediate Write Off Assets with a cost to the investor equal to or less than $300 can be written off in the year of purchase at 100%. This is only available if the asset or item is not part of a set.

Low Value Pooling Assets with a cost of less tha $1,000 can be written off at a rate of 18.75% in the first year, irrelevant of the days owned, and 37.5% in the subsequent years. Low Value Pooling is only applicable to the Diminishing Value method of depreciation.

This schedule was prepared for the exclusive use of John Citizen for the sole purpose of claiming Property Tax Allowances for the property 218 Sample Road and is not to be used for any other purpose or to be reproduced without the express written permission of Bell Building Services Pty Ltd.



Property

John Citizen


VIC, 3000 P: 1300 400 113

Summary of Capital Expenditure

Division 40 - Decline in Value Deductions on Plant.

The plant listed in this schedule complies with the current list of depreciable assets made available by the Commissioner of Taxation which qualify under Division 40 of the Income Tax Assessment Act 1997.

The depreciation rates used are in accordance with legislation current at the date this schedule was produced. $21,955.00

Division 43 - Capital Works Deductions on Building and Infrastructure

Capital works deductions are derived from Division 43 of the Income Tax Assessment Act 1997 deductions for Capital Works. The qualifying expenditure is based on the historical cost of the construction of the asset at the time of construction.

If you can claim capital works deductions, the construction expenditure on which those deductions are based cannot be taken into account in working out any other types of deductions you claim, such as deductions for decline in value of depreciating assets.

$118,941.64

Balance of Capital Expenditure

This represents all items that do not qualify for capital works deductions or decline in value and any capital works deductions which are already exhausted.

$372,103.36Construction expenditure that cannot be claimed (as per ATO guidelines) include:

Land

Expenditure on clearing the land prior to construction

Earthworks that are permanent, and are not integral to the construction

Expenditure on landscaping

Total Expenditure $513,000.00



Property

John Citizen


VIC, 3000 P: 1300 400 113

Summary of Property Deductions (DVM)

Ownership Year

Tax Year Immediate Deductions

Low Value Pooling Diminishing Value Building and Infrastructure

Fiscal Years

Capital Work Deductions

Decline in Value Deductions on Plant

Diminishing Value Method

Total Annual Deductions

Year 1 18/12/2014-2015 $1,330.00 $449.06 $1,462.02 $2,444.78 $5,685.86

Year 2 2015-2016 $0.00 $729.73 $2,499.47 $4,576.13 $7,805.32

Year 3 2016-2017 $0.00 $456.08 $2,096.48 $4,576.13 $7,128.69

Year 4 2017-2018 $0.00 $285.05 $1,762.66 $4,576.13 $6,623.83

Year 5 2018-2019 $0.00 $178.16 $1,485.57 $4,576.13 $6,239.85

Year 6 2019-2020 $0.00 $111.35 $1,255.11 $4,576.13 $5,942.58

Year 7 2020-2021 $0.00 $69.59 $1,063.01 $4,576.13 $5,708.73

Year 8 2021-2022 $0.00 $43.50 $902.54 $4,576.13 $5,522.16

Year 9 2022-2023 $0.00 $27.18 $768.19 $4,576.13 $5,371.50

Year 10 2023-2024 $0.00 $16.99 $655.45 $4,576.13 $5,248.57

Year 11 2024-2025 $0.00 $10.62 $560.62 $4,576.13 $5,147.37

Year 12 2025-2026 $0.00 $6.64 $480.67 $4,576.13 $5,063.43

Year 13 2026-2027 $0.00 $4.15 $413.10 $4,576.13 $4,993.37

Year 14 2027-2028 $0.00 $2.59 $355.85 $4,576.13 $4,934.56

Year 15 2028-2029 $0.00 $1.62 $307.23 $4,576.13 $4,884.97

Year 16 2029-2030 $0.00 $1.01 $265.83 $4,576.13 $4,842.97

Year 17 2030-2031 $0.00 $0.63 $230.51 $4,576.13 $4,807.27

Year 18 2031-2032 $0.00 $0.40 $200.29 $4,576.13 $4,776.81

Year 19 2032-2033 $0.00 $0.25 $174.38 $4,576.13 $4,750.75

Year 20 2033-2034 $0.00 $0.15 $152.11 $4,576.13 $4,728.39

Year 21 2034-2035 $0.00 $0.10 $132.92 $4,576.13 $4,709.14

Year 22 2035-2036 $0.00 $0.06 $116.36 $4,576.13 $4,692.54

Year 23 2036-2037 $0.00 $0.04 $102.03 $4,576.13 $4,678.19

Year 24 2037-2038 $0.00 $0.02 $89.60 $4,576.13 $4,665.75

Year 25 2038-2039 $0.00 $0.01 $78.81 $4,576.13 $4,654.95

Year 26 2039-2040 $0.00 $0.01 $69.41 $4,576.13 $4,645.55

Year 27 2040-2041 $0.00 $0.01 $61.22 $2,093.73 $2,154.96

Year 28 2041-2042 $0.00 $0.00 $54.06 $0.00 $54.06

Year 29 2042-2043 $0.00 $0.00 $47.79 $0.00 $47.79

Year 30 2043-2044 $0.00 $0.00 $42.30 $0.00 $42.30

Year 31 2044-2045 $0.00 $0.00 $37.47 $0.00 $37.47

Year 32 2045-2046 $0.00 $0.00 $33.23 $0.00 $33.23

Year 33 2046-2047 $0.00 $0.00 $29.50 $0.00 $29.50

Year 34 2047-2048 $0.00 $0.00 $26.21 $0.00 $26.21

Year 35 2048-2049 $0.00 $0.00 $23.30 $0.00 $23.30

Year 36 2049-2050 $0.00 $0.00 $20.73 $0.00 $20.73

Year 37 2050-2051 $0.00 $0.00 $18.46 $0.00 $18.46

Year 38 2051-2052 $0.00 $0.00 $16.45 $0.00 $16.45

Year 39 2052-2053 $0.00 $0.00 $14.66 $0.00 $14.66

Year 40 2053-2054 $0.00 $0.00 $124.43 $0.00 $124.43

$1,330.00 $2,395.00 $18,230.00 $118,941.64Total Deductions (life of property) $140,896.64



Property

John Citizen


VIC, 3000 P: 1300 400 113

Base Value Diminishing Value Rate

Decline in Value Deductions for

195 Day(s)

Adjustable Value (WDV) 30/06/2015

Depreciable Assets

Diminishing Value Depreciationas per ATO's, current tax ruling, effective life of depreciating assets.

Diminishing Value Depreciation (Immediate Deduction Assets)

Immediate Deduction AssetsImmediate deduction for assets costing $300 or less, if not part of a set or group.

Entry & Security Systems

$130.00 $130.00100.00% $0.00Automatic Garage Doors Controls

$520.00 $520.00100.00% $0.00 Motors

$140.00 $140.00100.00% $0.00Door Closer (Surface)

Fans

$360.00 $360.00100.00% $0.00Exhaust Fan Kitchen / Bathroom

Fire Control

$180.00 $180.00100.00% $0.00Smoke Alarm

$1,330.00 $1,330.00Total $0.00



Property

John Citizen


VIC, 3000 P: 1300 400 113



195 Day(s)


Depreciable Assets

Dimishing Value Depreciationas per ATO's, current tax ruling, effective life of depreciating assets.

Diminishing Value Depreciation (Low Value Pool Assets)

Low Value Pool AssetsAssets costing $1,000 or less depreciate at 18.75% in the first fiscal year (irrespective of days held) and at 37.5% for each subsequent year.

Kitchen and Laundry

$690.00 $129.3818.75% $560.63Cooktop

$960.00 $180.0018.75% $780.00Dishwasher

$745.00 $139.6918.75% $605.31Rangehood

$2,395.00 $449.06Total $1,945.94



Property

John Citizen


VIC, 3000 P: 1300 400 113

Diminishing Value Depreciation



195 Day(s)


Depreciable Assets

Diminishing Value Depreciationas per ATO's, current tax ruling, effective life of depreciating assets.

Airconditioning and Heating

$2,800.00 $149.5910.00% $2,650.41Air Conditioning Evaporative

$3,600.00 $192.3310.00% $3,407.67Heating Ducted m2

Bathroom

$2,120.00 $188.8016.67% $1,931.20Hot Water Unit (Gas)

$2,460.00 $175.3213.34% $2,284.68Hot Water Unit (Solar)

Kitchen and Laundry

$1,050.00 $93.5116.67% $956.49Oven

Windows & Floor Coverings

$1,880.00 $200.8820.00% $1,679.12Blinds

$4,320.00 $461.5920.00% $3,858.41Carpet Floor Covering m2

$18,230.00 $1,462.02Total $16,767.98

$21,955.00 $3,022.40Grand Total $18,932.60



Property

John Citizen


VIC, 3000 P: 1300 400 113

Summary of Property Deductions (PC)

Ownership Year

Tax Year Immediate Deductions

Prime Cost Building and Infrastructure

Fiscal Years

Capital Work Deductions

Decline in Value Deductions on Plant

Prime Cost Value Method

Total Annual Deductions

Year 1 18/12/2014-2015 $1,330.00 $846.07 $2,444.78 $4,620.85

Year 2 2015-2016 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 3 2016-2017 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 4 2017-2018 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 5 2018-2019 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 6 2019-2020 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 7 2020-2021 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 8 2021-2022 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 9 2022-2023 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 10 2023-2024 $0.00 $1,583.68 $4,576.13 $6,159.80

Year 11 2024-2025 $0.00 $1,201.16 $4,576.13 $5,777.28

Year 12 2025-2026 $0.00 $867.68 $4,576.13 $5,443.80

Year 13 2026-2027 $0.00 $664.59 $4,576.13 $5,240.71

Year 14 2027-2028 $0.00 $484.08 $4,576.13 $5,060.21

Year 15 2028-2029 $0.00 $484.08 $4,576.13 $5,060.21

Year 16 2029-2030 $0.00 $395.19 $4,576.13 $4,971.32

Year 17 2030-2031 $0.00 $320.00 $4,576.13 $4,896.13

Year 18 2031-2032 $0.00 $320.00 $4,576.13 $4,896.13

Year 19 2032-2033 $0.00 $320.00 $4,576.13 $4,896.13

Year 20 2033-2034 $0.00 $320.00 $4,576.13 $4,896.13

Year 21 2034-2035 $0.00 $149.04 $4,576.13 $4,725.17

Year 22 2035-2036 $0.00 $0.00 $4,576.13 $4,576.13

Year 23 2036-2037 $0.00 $0.00 $4,576.13 $4,576.13

Year 24 2037-2038 $0.00 $0.00 $4,576.13 $4,576.13

Year 25 2038-2039 $0.00 $0.00 $4,576.13 $4,576.13

Year 26 2039-2040 $0.00 $0.00 $4,576.13 $4,576.13

Year 27 2040-2041 $0.00 $0.00 $2,093.73 $2,093.73

Year 28 2041-2042 $0.00 $0.00 $0.00 $0.00

Year 29 2042-2043 $0.00 $0.00 $0.00 $0.00

Year 30 2043-2044 $0.00 $0.00 $0.00 $0.00

Year 31 2044-2045 $0.00 $0.00 $0.00 $0.00

Year 32 2045-2046 $0.00 $0.00 $0.00 $0.00

Year 33 2046-2047 $0.00 $0.00 $0.00 $0.00

Year 34 2047-2048 $0.00 $0.00 $0.00 $0.00

Year 35 2048-2049 $0.00 $0.00 $0.00 $0.00

Year 36 2049-2050 $0.00 $0.00 $0.00 $0.00

Year 37 2050-2051 $0.00 $0.00 $0.00 $0.00

Year 38 2051-2052 $0.00 $0.00 $0.00 $0.00

Year 39 2052-2053 $0.00 $0.00 $0.00 $0.00

Year 40 2053-2054 $0.00 $0.00 $0.00 $0.00

$1,330.00 $20,625.00 $118,941.64Total Deductions (life of property) $140,896.64



Property

John Citizen


VIC, 3000 P: 1300 400 113



195 Day(s)


Depreciable Assets

Prime Cost Depreciationas per ATO's, current tax ruling, effective life of depreciating assets.

Prime Cost Depreciation (Immediate Deduction Assets)

Immediate Deduction AssetsImmediate deduction for assets costing $300 or less, if not part of a set or group.

Entry & Security Systems

$130.00 $130.00100.00% $0.00Automatic Garage Doors Controls

$520.00 $520.00100.00% $0.00 Motors

$140.00 $140.00100.00% $0.00Door Closer (Surface)

Fans

$360.00 $360.00100.00% $0.00Exhaust Fan Kitchen / Bathroom

Fire Control

$180.00 $180.00100.00% $0.00Smoke Alarm

$1,330.00 $1,330.00Total $0.00



Property

John Citizen


VIC, 3000 P: 1300 400 113

Prime Cost Depreciation

Base Value Prime Cost Rate Decline in Value Deductions for

195 Day(s)


Depreciable Assets

Prime Cost Depreciationas per ATO's, current tax ruling, effective life of depreciating assets.

Airconditioning and Heating

$2,800.00 $74.795.00% $2,725.21Air Conditioning Evaporative

$3,600.00 $96.165.00% $3,503.84Heating Ducted m2

Bathroom

$2,120.00 $94.358.33% $2,025.65Hot Water Unit (Gas)

$2,460.00 $87.666.67% $2,372.34Hot Water Unit (Solar)

Kitchen and Laundry

$690.00 $30.718.33% $659.29Cooktop

$960.00 $51.2910.00% $908.71Dishwasher

$1,050.00 $46.738.33% $1,003.27Oven

$745.00 $33.158.33% $711.85Rangehood

Windows & Floor Coverings

$1,880.00 $100.4410.00% $1,779.56Blinds

$4,320.00 $230.7910.00% $4,089.21Carpet Floor Covering m2

$20,625.00 $846.07Total $19,778.93

$21,955.00 $2,176.07Grand Total $19,778.93



Property

John Citizen


VIC, 3000 P: 1300 400 113

Capital Works Deductions

Capital Works Deductions (Building)

Construction Date

Completion

Historic Construction

Cost

Deduction Rate

Annual DeductionConstruction Date Start

Total Capital Deductions for

195 Day(s)

Opening Value

18-12-2014


18-Dec-00 2.5%$183,045.00 $4,576.1318-Dec-14 $2,444.78$118,941.64 $116,496.86

$183,045.00 $4,576.13 $118,941.64 $2,444.78 $116,496.86Total

Grand Total $183,045.00 $4,576.13 $118,941.64 $2,444.78 $116,496.86



Property

John Citizen


VIC, 3000 P: 1300 400 113

Depreciation Graph over Years

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

Diminishing Value Prime Cost


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