“Assets such as the stove and carpets, that are part of the property or used in your rental activity, will eventually reduce in value through wear and tear or by becoming out of date. This reduction in value of your assets is known as depreciation. Each year you calculate the depreciation amount and deduct it as an expense”
“This publication explains how to claim depreciation on your business assets. You’re required to claim depreciation when you aquire an asset for your business and account for it when you dispose of that asset.”
This document took over 10 years to complete and changed the way we complete depreciation schedules for Residential Property. The positive is that it finally gave us all clarity on what we could claim.