Thanks Domo.

I’ve been out of town this week so it’s good to hear things are running well back at the office.

Scott

Hi Ben,
There is a publication called Rawlinsons that would help. It has data on historical construction costs. I think the residential version is around $200. Not sure if there is a CD version. You’d probably find a copy at some libraries. If you’re in Sydney, the Building Information Centre might have something.
I’ve never looked at the…[Read more]

Hi ScottyB,
Strictly speaking, the depreciation clock starts ticking on your fixtures and fittings (Depreciable Assets) when you purchase the property. So there will be some lost depreciation for the period you lived there. The building itself depreciates at a flat rate per year from the date of construction. NB it would need to have been built…[Read more]

Hi ScottyB,
Strictly speaking, the depreciation clock starts ticking on your fixtures and fittings (Depreciable Assets) when you purchase the property. So there will be some lost depreciation for the period you lived there. The building itself depreciates at a flat rate per year from the date of construction. NB it would need to have been built…[Read more]

The Reno Kings do seminars. I’ve seen their seminar material and spoken at one of their seminars (on depreciation). They’re pretty good – and very successful. You’ll pick up lots of good, practical ideas. They don’t necessarily advocate selling, but they are into buying and renovating to add value. Whether or not you sell is up to you. Not sure…[Read more]

The thing I like about weatherboard houses is that compared with BV it’s easy to knock a hole in the side and put a big window in or doors and a deck. Internally, it’s easy to fiddle with them, too. I’d love to live in Queensland so I could get my hands on some weatherboard houses. the stock around me is all cavity brick.
Scott

Pelican,
The Smith Family have a good program for children in Australia. Families are supported with money for schooling – uniforms, books etc. We get feedback on the kids we support. Of course, it’s first names only so they could be imaginary kids?

I use Terri Scheer – http://www.terrischeer.com.au They’re the only insurance company in Australia that only does landlord’s insurance. Where possible, I will always use a specialist, as opposed to a generalist. I’ve found their service really good, too e.g. they have in-house contact centre staff (as we do).
Scott – Depreciator

I think the Commonwealth Bank have an on-line calculator that can help you put with an educated guess on building replacement cost.

Myydral,
Alot of the schedules we do these days are backdated, so it’s easy to claim ‘lost’ depreciation. We do trips to places like Alice Springs when there are sufficient jobs. Kalgoolie would be our most visited ‘remote’ area. We have a new method of handling properties in places like Alice Springs. Call me and I’ll explain it.

Domo,
Call the…[Read more]

The only person who could give you an accurate insurance replacement cost would be a QS or Estimator. Send me an e-mail and I’ll see if I can put you in touch with someone near the property.
scott@depreciator.com.au

As Kaye said, the dates are critical. Often with older, unimproved properties it’s hard to justify the cost of the schedule. Having said that, there is still depreciation in them and you might as well claim it. I can talk you through how you can self assess some assets – it won’t cost you anything to do this. I’ll be back in the office…[Read more]

I can’t see a lender doing that, Arb. I settled on a holiday unit on the mid NSW coast earlier this year. I borrowed extra at settlement to carry it through the winter. Right now it’s costing me around $1,500 per month. I’m gambling (or I should say ‘speculating’) that come summer, the tide will turn. Christmas rentals will be around $1,500 per…[Read more]

To be honest, my best ‘tool’ has probably been luck, or perhaps trust in my instinct.

I’m yet to buy a dud property, but that day is surely coming. Like many of us, the market over the last few years has done much of the work for me.

Ironically, whenever I’ve thought too long and hard about a deal, I walk away from it (or it walks away from me)…[Read more]

Good PMs are worth their weight in gold. They’re certainly worth a premium. But some people dissagree with me on this. I reckon it’s a tough job and doing it well takes alot of skill. Last year I moved from a PM charging 7% to one charging 9%. The new one is amazing. And I’ve now got tenants!

How do you find a good one? Recommendations from…[Read more]

Gee Scullie, tough job.

We deal with hundreds of PMs in the course of our business – arranging inspections for tax Depreciation Schedules.

Average tenure seems to be around 18 months.

I’d say most PMs would breath a sigh of relief if they get through a day without having a run-in with an owner or a tenant.

Having said that, it’s the obvious…[Read more]

While you’re on the ATO site, you might also have a look at TR 97/23 for some detailed information.

Do a search in the Legal Data base under TR 97/23

Hi Brian,

There have a been a few strings about this topic in the last few months – being tax time. Do a search and you’ll find them.

There is an ATO document (sort of a press release) that you’d find doing a search on the ATO site. It’s called Rental Property Deductions for 2004. There are only a couple of pages.

In part, it states that…[Read more]

We get asked occasionally about tax depreciation Schedules in NZ but haven’t yet ventured across there – plenty of business in Australia.

I imagine you’d still need an appropriately qualified professional to estimate building costs.

The general principle are the same.

There is no cut-off for building depreciation in NZ, though i.e. buildings of…[Read more]

In answer to your question on useful sources of information on depreciation, I’m afraid there aren’t many.

It’s hard work wading through the ATO site.

My site http://www.depreciator.com.au has some stuff but it’s a bit lame in parts. Updating it and adding more information is one of those jobs we never quite get around to.

To be honest, this forum…[Read more]