Depreciation on a property built in 2010

On a 2010 building, 2.5% of what it cost to construct, each year until 2049–50. For a standard 200 m² brick veneer house that is about $5,150 a year in New South Wales, $5,082 in Victoria and $4,738 in Queensland, with 24 income years left. Plant new to you adds to that, as does any renovation since 2010.

No: a 2010 building's 40 years run from its completion, not from your purchase, so a buyer claims the 24 income years left, 2026–27 to 2049–50, on the original construction cost rather than the price paid. Fitted new in 2010, 166 of the 181 kinds of plant our catalogue prices have passed their effective lives, and the other 15 end from 2026–27 to 2039–40. Section 40-27 reaches plant acquired from 7.30 pm on 9 May 2017, when a 2010 house was 7 years old or so: bought from an earlier owner since then, the plant that came with a 2010 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 2010, the 2010–11 to 2049–50 income years. Construction begun on any day of 2010 qualifies, the window having opened on 16 September 1987, and 16 of its 40 income years have passed.

In the year to 30 June 2010, our national series puts new houses at $1,073 per m² of floor area, 87% up over the ten years from 2000's $573, and the average new house, about 239 m², cost about $256,000 to build. At 2010's rates, our standard 200 m² single-storey brick veneer house, less the plant listed separately, cost about $194,387 at the national rate, against $187,675 in 2009 and $199,886 in 2011. In 2010 it was cheapest in South Australia, at $149,638, and dearest in the Northern Territory, at $320,912. Where the 2010 build's own cost is not documented, a schedule estimates it at 2010's rates, about $194,387 for that house nationally, by an appropriately qualified person, as Taxation Ruling TR 97/25 accepts.