Hi, i was told by a realestate agent that a block of units was built back in 1960s, but has been totally regutted and renovated into this new retro looking block of units, and that its basically a new building and that i can claim a tax deduction for the depreciation, on the both the building and internal components.
is he spinning me a line? can anyone direct me to the right tax depreciation section.
thanks
missyYou would be able to claim depreciation on the renovated work completed.
Not the original building cost though.
Check out some of the QS websites for more info or give them a call.
There are a few on the links section at
http://www.mortgagehunter.com.au
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Missy
I am involved with a Company that renovates units for a living and then strata titles them for sale.
Having a QS in our office i can confirm that you would be able to confirm a combination of the building write off externally as well as the depreciation on the new internal fit out.
But as Simon mentions to be on the safe side undertake your own QS report on the property before proceeding.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Thanks Richard and Simon.
i will check out those links.regards
MissyRichard,
are you able to expand more on the ‘building write off externally’ comment ??
Thanks
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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