I was informed that a depreciation report is going to help when claiming tax, just not sure if it's worth while to do a full report for 400 ~ 500 or just grab a general non inspection one for around 200?
will it make much difference?
Thanks all!
I’ve had three depreciation schedules carried out via non-inspection. I supplied the images and a description. I’m happy with them – and the amount that I’m depreciating is similar to other schedules I’ve seen for similar properties.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hello
A depreciation report will save you heaps if you do it upon the purchase of a property.. I had two done for my investments and It has made a great difference with the tax returns.. shop around for prices but I remember paying the $500 pre report.. but its worth it.
Considering how long some items take to depreciate, it's well worth spending the money.
You must also realise that while you will enjoy tax deductions now, when you sell, the amount you have claimed in depreciation will be applied to the purchase price when calculating the CGT… (eg if you have a 200K property, depreciate 30k, and sell for 250K, CGT based on 50% of 80k, not 50K) No such thing as money for nothing. Obviously there is more to it than that (others costs etc go into forming your capital base), and there are other stratgies your accountant can take you through.
You can get non inspection ones? I thought they always had to be inspected?
Tony
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
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