1. When do you have to depreciate an asset rather than simply claim it back as a deduction? Is it when the asset is valued over $300? 2. Once I've established I'll need to depreciate an asset, which in this case is a $1,059.00 freestanding oven - What do I need to do? To my knowledge I need to determine whether I want to depreciate using the Prime Cost or Diminishing Value method, then need to determine the assets effective life and then create a depreciation schedule. If this is the case, how/where would I get the required forms/information to do so. 3. I'm considering renovating the bathroom in my IP, how exactly do the deductions work on such a thing? Is the entire renovation simply depreciated as a whole, or do/can you individualize all the items and for example claim back all the fixtures/fittings under $300 (provided this is the limit) back immediately and then just depreciate the labour and things over $300. Naturally I'll be speaking with an accountant and getting them to handle most of this, but I like to have a good grasp of things myself so I have a somewhat decent understands of what's going on, or at least understand the basic concept.