If I use the diminishing value for a newly replaced gas hot water unit in rental property it goes past the expected life of 12 years. Does this mean I can still claim a deduction in depreciation in the 13th year, 14th year, 15th year etc if it's still working beyond this point until the amount reaches 0? Let's say it was installed on the 29th April 2024 as an example.
Let's say the amount was $2735.00 (including GST) do you use this amount or would you use $2486.37 (excluding GST) for the total cost amount?
Also I am using the below tool:
https://www.ato.gov.au/single-page-applications/calculatorsandtools?anchor=DCA#DCA/questions/assets
It does make it easier for the calculation but unfortunately for the 2023-2024 year it doesn't take into consideration the leap year 366 days instead it calculates it as 365 days. So I'm guessing would need to manually work it out instead for the leap years?
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