All Topics / Help Needed! / depreciation schedule needed in SA

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  • Profile photo of nathan210nathan210
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    @nathan210
    Join Date: 2003
    Post Count: 81
    June 18, 2004 - 10:32 am

    hello everyone

    can anyone recommend a good quantity surveyor or equivalent to do a depreciation schedule for my IP in South Australia – Noarlunga/Onkaparinga region? if so, i would be hugely greatful.

    thanks in advance [biggrin][biggrin]

    Profile photo of depreciatordepreciator
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    @depreciator
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    June 20, 2004 - 12:34 am

    Hi Nathan,
    For some reason, QSs are in short supply in SA. I’ve got a couple in Adelaide, one of whom does regular trips out of town – I think he’s in Mildura right now.

    There has to be plenty of depreciation in an IP to justify the travel cost of a QS. If it’s an unrenovated pre 85 build, there won’t be enough there. We won’t do a Schedule unless we know we’re going to find decent depreciation.

    All is not lost, though. You are allowed to self assess assets. It’s even possible to get estimates of construction costs from ‘appropriately qualified’ locals and then apply the relevant tax rules to these estimates. If you’ve got a reasonable accountant, you can sort out depreciation on remote properties for a few hundred dollars. Not sure whether the above makes sense or not.

    In the last week, I’ve talked half a dozen Forum Members through this. It’s not too hard, and there’s generally enough depreciation there to claim to make it well worth doing. Please feel free to call me next week.

    Scott – Depreciator 1300 660033

    Profile photo of depreciatordepreciator
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    @depreciator
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    June 21, 2004 - 12:47 am

    Hi Nathan,

    I was just speaking to one of our SA guys. That region is closer to Adelaide than I thought. Servicing it is no problem. Of course, we’d still need to make sure there will be sufficient depreciation found to justify the cost to you.

    Scott – 1300 660033

    Profile photo of nathan210nathan210
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    @nathan210
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    June 21, 2004 - 6:25 am

    thanks scott.

    the house was built in 1979. there is not much new in the house from my memory (we purchased in jan 04) but we did buy a s/hand oven for around $400 in the last couple of months. not sure if there will be enough to worry about it?

    there are the standard items like carpet, curtains etc. but as this is our first IP, and reading your reply, am not sure if it is viable to cvomplete a depreciation schedule? if so, i will give you a call (if you think it is viable that is?)

    thanks again scott, really appreciate your help![biggrin]

    nathan

    Profile photo of depreciatordepreciator
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    @depreciator
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    June 21, 2004 - 7:02 am

    I’d say it would be hard to justify the expense of a Schedule. You know the cost of the stove. Give me a call if you’d like to talk through the other assets. There will be enough depreciation there to make self assessment of the assets worth doing. Do you have a reasonable accountant?

    Scott

    Profile photo of nathan210nathan210
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    @nathan210
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    June 22, 2004 - 4:00 am

    we have located a good accountant in Wollongong NSW (where i live), Brian Rees, but have yet to meet with him as it is not yet tax time. this will be our first financial year with an IP, so it will be a learning curve i am looking forward to!

    i think it will be the best option to self asses the items for depreciation. thanking you greatly for your valuable expertise [suave2]

    nathan[thumbsupanim]

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