Budget 2017 Depreciation Deductions
In the Federal Budget on 9th May, depreciation allowances forming part of an investors income tax deductions for second hand residential investment properties were effectively killed off.
This will apply to the purchase of any second hand properties where the contract to buy is entered into after 7.30pm on 9th May 2017.
Contracts entered into prior to this date will be grandfathered and deductions will still be able to be claimed.
What this means is not entirely clear yet.
Will this mean, for example, that items previously considered to be plant and equipment and therefore deductible under Division 40 of the ITAA could now simply form part of the building and therefore become deductible as part of the building and included under Division 43 Capital Works deductions? Continue reading
The event was very well supported with well over 85 yachts racing, with 7 of them also being entrants for the Rolex Sydney to Hobart race.
Beautiful weather and 15 knot winds provided a perfect backdrop for an excellent day of sailing as the 6th place overall is testament.
We raced on ‘Margaret Rintoul V’ which is 61 foot maxi cruising and racing yacht. After dropping anchor for lunch at the idyllic Manly Cove, it was then practice time – under the professional guidance of our crew, before the start of the race.
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