Scrapping is the removal and disposal of any potentially depreciable asset from an investment property. When these old assets (like carpet and hot water systems) are replaced or ‘scrapped’, the owners may be entitled to claim them as a tax deduction for the remaining depreciable value.
Watch Brad Beer, Chief Executive Officer of BMT Tax Depreciation as he explains more about scrapping in this video: What is scrapping?
- Q1 What is capital works deduction (Division 43)?
- Q2 What is plant and equipment (Division 40)?
- Q3 How is the capital works deduction different to plant and equipment?
- Q4 Why itemise plant and equipment?
- Q5 Difference between Prime Cost and Diminishing Value methods of depreciation?
- Q6 Which depreciation method is best?
- Q7 How does low value pooling help to maximise my depreciation claim?
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