210 - Are Depreciation Schedules a Thing of the Past

In this episode of She Renovates, Bernadette Janson  interviews Tyrone Hyde, an expert in property depreciation. They discuss the changes in tax laws regarding depreciation and how it affects property investors. Tyrone explains the limitations on claiming depreciation for secondhand items and the advantages for those who buy brand new properties. They also touch on exceptions to the rule and the importance of inspections for maximising depreciation claims.

Whether you're a renovator or a property investor, this episode provides valuable insights into the world of property depreciation and how recent tax law changes have affected the industry. Tune in to learn more about depreciation basics, exemptions, and the importance of understanding these concepts for your property ventures.

“If you buy a property brand new and you sell it to me one day later, you could claim the depreciation, but the moment I buy it one day old, I can't claim the depreciation of the plant equipment items anymore, which is ridiculous because the tax law says that those items are going to last for 10 years.This, has not happened in any other industry. You can claim a two year old computer for your business. You can claim a five year old car if you're a tradie but for property investors, we got the short straw. And the most bizarre thing is with commercial property, the laws never changed.” 

- Tyrone Hyde

EPISODE HIGHLIGHTS: 

00:00 - Introduction

00:50 - Background of the guest, Tyrone Hyde

02:50 The ins and outs of depreciation

04:30 Different rules for commercial property and residential property

08:00 Depreciation of new plant equipment installed by renovators

13:00 Importance of keeping receipts and documentation

14:00 Discussion on substantial renovation and guidelines

18:00 Differentiating between repair and capital improvements in renovation projects

19:50 Conversation on living in Bali and the Green School experience

21:40 Launch date for "10 with Ty" podcast (1st of July)

Resources

Washington Brown Website

www.washingtonbrown.com.au

The School Of Renovating

https://www.theschoolofrenovating.com

She Renovates Podcast

https://www.theschoolofrenovating.com/podcasts-page/

Connect with The School of Renovating

ASK BERNADETTE 

https://www.theschoolofrenovating.com/podcasts-page

Subscribe to She Renovates Apple Podcast

https://apple.co/3faoWlT

Subscribe to Youtube:

https://www.youtube.com/c/TheSchoolOfRenovating

Follow on Twitter

https://twitter.com/renovatingsc

Follow  on Instagram

https://www.instagram.com/the_school_of_renovating