How depreciation changes impact you:

For anyone lucky enough to have been busy doing something interesting on the evening of the 9th of May 2017 rather than trolling through budget papers, the treasurer announced that plant and equipment deductions would no longer exist for 2nd hand properties.
To put it another way, if you buy an investment property that’s not brand new, you won’t be able to claim deductions on blinds, carpets, cooktops, hot water systems, ovens and the like.
The only way you’ll receive these plant and equipment deductions is through a brand-new purchase or installing the asset yourself such as with a renovation.
The changes further complicate matters by asserting that even if you buy new, if one day you decide to live in the property, there will be zero plant and equipment deductions available from that day forward.