Tax depreciation on removable items in a property - appliances, carpets, blinds, hot water systems. Annual deduction reduces taxable income.
Division 40 ITAA 1997. For established residential property acquired after 9 May 2017, s 40-27 disallows Division 40 deductions on previously-used plant - only items installed brand-new by the current owner are deductible. This is in force regardless of the 2027 reform.