Hi All,Most Quantity Surveyors are able to conduct the inspection prior to settlement but the report won't be finalised until settlement has occurred. If you settle before the end of this financial year make sure you get the report organised so you can claim some depreciation immediately.Remember, if you pay for the report before June 30 you can…[Read more]

Dear Annette,Please feel free to contact: Nick Perrett – JPH Group. Level 6/60 Albert Road, South Melbourne – Ph 9686 1100Linda Luzza – F Trotta & Co. 505 Nicholson Street, Carlton North – Ph 9347 7607They'll definitely be able to assist.I hope this helps,

Hi All,You'll find that by using someone's existing report you're doing yourself an injustice as upon settlement all plant & equipment assets (carpets, blinds, kitchen appliances etc) are revalued due to their effective lives starting again. As the previous owners claims are low at your point of purchase, once a new depreciation schedule has been…[Read more]

Hi Die Hard,In that particular instance it would generally be viewed as a repair and therefore claimed as an immediate expense.But, always best to discuss with your Accountant.I hope this helps,

No problems at all Freedom.I would recommend engaging a quantity surveyor to complete a depreciation schedule as soon as possible to ensure they lodge for missed deductions this financial year.Once the renovations are complete on the older home, engage a quantity surveyor to ensure you're maximising your deductions.  <Moderator: delete…[Read more]

Hi All,Very good question Freedom and some good answers from previous posts.In this particular situation, with your parents having owned the properties since the early 1990's (assuming that the properties were built before July 18 1985) they won't be entitled to claim the 'special building write-off' also known as Div 43, and the plant & equipment…[Read more]

Hi Stu,As an Australian investor buying property abroad you're also entitled to claim depreciation on the building and fixtures & fittings in conjunction with current ATO legislation.A post added previously: https://www.propertyinvesting.com/forums/property-investing/overseas-deals/4343319I hope this helps,

Hi All,Only when a property is income producing are you able to claim depreciation. This covers the building (should it qualify i.e built between July 18 1985 @ 4% over 25 years and Sept 15 1987 2.5% over 40 years), all the fixtures & fittings such as carpets, blinds, kitchen appliances, hot water systems (regardless of their age as they are…[Read more]

Hi Steve,Depending on where you are located in Perth here is a few property savvy accountants we've come across:Paula Durrant @ Durrant's Accounting Services – Level 1, 256 Fitzgerald Street, Perth Ph: 9228 4622Chris Hanson @ Gannon Hanson Hamersley – Suite 25, 199 Balcatta Road, Balcatta Ph: 9240 5340Noel McKenney @ Noel McKenney & Co – 813…[Read more]

Hi RC388,As you are aware the fees for tax depreciation reports range from $99 up to $1,500 and all providers are claiming to get you more than the next person. The products available today vary as much as the fees and if anything the fee is probably the worst indication of quality for a few reasons.  Firstly, some organisations provide too much d…[Read more]

In order to calculate the depreciable values of all fixtures & fittings (i.e carpets, blinds, kitchen appliances, hot water systems, air conditioners etc), the building itself and common areas (if it's a unit) you will require a tax depreciation schedule to be completed by a qualified Quantity Surveyor.The report will list every depreciable…[Read more]

Hi RyanJD,As you're renting out the additional rooms, you're not only entitled to claim a percentage on the interest charges & other expenses but you are also entitled to claim the same percentage on any tax depreciation claims available on the property.Due to the fact that it's income producing, you can claim depreciation on all the fixtures &…[Read more]

Hi Casperam,Yes, as a US citizen you are able to claim depreciation on your own IP's.Have a look at the IRS website for more details:http://www.irs.gov/publications/p527/ch02.html direct link to information on the IRS website.I hope this helps,

From a tax depreciation point of view -The larger the unit development then the greater deductions will be available throughout common areas. As the complex possibly contains swimming pools, saunas, gyms, lifts, underground car parking, storage etc all of which you are entitled to claim a percentage of. In comparison to a medium sized d…[Read more]

Hi David,Most estimators refer to construction cost guides like Rawlinsons http://www.rawlhouse.com/aust_construction_cost_guide.htmlConstruction costs are continually changing as a result of a couple of factors – labour costs, availability of materials, weather patterns etc. Depending on what you're looking to build we have a free construction…[Read more]

Dear lulu1,Depreciation is classified as a non-cash tax deduction and covers all depreciable assets within an investment property along with capital works (should the property qualify for building write-off). The amount mentioned of $3,500 will help reduce your overall taxable income. If your current marginal tax rate is 30%, you'll be entitled…[Read more]

Dear ledgend80,Based on the information provided, your property will certainly offer some form of depreciation benefits at tax time.  Yes, the current rulings state that if the property was built before July 18 1985, then the original structure doesn't qualify for building write-off. However, by using a registered Quantity Surveyor, they'll be…[Read more]