Hello,
I bought a new electrical hot water tank for a rented property.
Could you please tell me if I can claim the following:
Depreciation electric hot water tank: 12 years, 16.67%, diminished method.
Depreciation running pipes for hot water system: 10 years, 16.67%.
Electrical wiring for the new tank: capital work deduction, 2.5% for 40 years.
Thank you in advance
A hot water system is 12 years, which includes cost of fitting. (but excludes piping)
Piping is not depreciated over 12 years (or 10). Will be either a repair or replacement of all piping. Replacing would be capital works. As below
Residential rental property items | Australian Taxation Office
Not sure what you mean by electrical wiring. Is this part of fitting the system? If so part of the hot water system cost (12 years depreciation)
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