All Topics / Help Needed! / have no idea

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  • Profile photo of thomas19thomas19
    Member
    @thomas19
    Join Date: 2012
    Post Count: 8
    August 17, 2012 - 11:18 pm

    will be renting out family home in sa and then renting in nsw for a year or so -can you claim depreciation on the family home and how do you go about doing that ? have no idea never had to rent before

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    August 17, 2012 - 11:30 pm

    Hi there, you get a depreciation schedule done by a quantity surveyor (I use BMT) and give the schedule to your accountant who factors it in on your tax return

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 18, 2012 - 3:11 am

    Thats right, just employ a quantity surveyor.

    Also note that you can keep your home CGT free for up to 6 years too.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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