1.If I have purchase a property with a old house on it for 630,000, yet the land minus the house is worth $600,000 (If the property was valued on land value only by a qualified Valuer), then would property tax depreciation only be done for $30,000?
2. Would the Quantity Surveyor doing the property tax depreciation schedule only look at what the old house is worth by itself, and do the schedule from that ignoring the land value, or do it some other way?
They would look at the building works and the fixtures and fittings. There will be a value to all existing things such as stoves, hotwater systems etc and this may produce tax savings more than the cost of the report.
Some will tell you upfront if they think it is worth it. try BMT or Depreciator.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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