SearchReplacing oven
Shane asks:
(updated on Friday, June 07th 2013)
I had a chattels valuation done some years ago and have been claiming each year. I have just had a oven blow, it can't be fixed. I have replaced the oven with a similar but more modern one. The old oven still has a book value for just oven $200. How do I treat this at tax time?
Our Experts Answer:
The old oven would be disposed of at zero ralue leaving you with a deductible loss on disposal of its residual book value. For consistency, you would then look to capitalise the replacement oven and begin depreciating this afresh.
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