Money Doesn’t Come Without Guidance ...
Depreciating assets are the business assets that can be expected to decline in value over the life of the asset. It has a limited effective life. You begin depreciating an asset when it is ready and available for use. You can claim depreciation for equipment and some other tangible assets such as – buildings, machinery, vehicles, computers, furniture and fixtures. You can also depreciate most intangible property like - patents, copyrights and computer software.
“Capital Gains Tax” (CGT) takes place when you gain capital by selling some assets. It seems complicated for property investors when a CGT exemption is available. CGT exemptions include:
When you apply for an exemption, your capital gains will be included in your assessable income for that year. A capital loss will not reduce your assessable income. Rather, you may able to offset the loss against a capital gain in the current or future financial years.