Depreciation on a property built in 2000

On a 2000 building, 2.5% of what it cost to construct, each year until 2039–40. For a standard 200 m² brick veneer house that is about $3,389 a year in New South Wales, $3,364 in Victoria and $2,626 in Queensland, with 14 income years left. Plant new to you adds to that, as does any renovation since 2000.

No: a 2000 building's 40 years run from its completion, not from your purchase, so a buyer claims the 14 income years left, 2026–27 to 2039–40, on the original construction cost rather than the price paid. Fitted new in 2000, 179 of the 181 kinds of plant our catalogue prices have passed their effective lives, and the other 2 end from 2029–30 to 2029–30. Section 40-27 reaches plant acquired from 7.30 pm on 9 May 2017, when a 2000 house was 17 years old or so: bought from an earlier owner since then, the plant that came with a 2000 house is generally not deductible (the 2017 rules set out who it reaches and the exceptions).

2.5% a year over 40 years, for construction begun after 15 September 1987: counting from 30 June 2000, the 2000–01 to 2039–40 income years. Construction begun on any day of 2000 qualifies, the window having opened on 16 September 1987, and 26 of its 40 income years have passed.

In the year to 30 June 2000, our national series puts new houses at $573 per m² of floor area, 31% up over the ten years from 1990's $437, and the average new house, about 222 m², cost about $127,000 to build. At 2000's rates, our standard 200 m² single-storey brick veneer house, less the plant listed separately, cost about $118,634 at the national rate, against $109,689 in 1999 and $131,699 in 2001. In 2000 it was cheapest in Western Australia, at $79,228, and dearest in the Northern Territory, at $161,119. Where the 2000 build's own cost is not documented, a schedule estimates it at 2000's rates, about $118,634 for that house nationally, by an appropriately qualified person, as Taxation Ruling TR 97/25 accepts.