I just rang a quantity surveyor to get a dedepreciation schedule for my properties and she said that i’d be wasting my time cause i’ve done all the renovations myself and have the reciepts. Is this true

Hi Rob,
That QS could well be right. It depends in part on the extent of the renos and the age of the property.

Scenario 1:
It’s a pre 85 built…[Read more]

Hi Wayne,

Yep, you can claim depreciation. That luck just keeps coming…

Scott

Tax Depreciation Schedules
Australia wide service
1300 660033
scott@depreciator.com.au
http://www.depreciator.com.au

We’re gonna go through deppro anyway to get one, just wanted to find out if it’s worth saving $500+ to get the schedule from the owners, and whether we can even then use it.

Why not ask Deppro if it’s worthwhile? We always look for the most cost effecient way to help our clients.

1. The building starts depreciating from when it was built. In…[Read more]

Glad we flushed you out, cv2me. I do feel it’s polite for business representatives to identify themselves by name, though.

You claim to be a quantity surveyor.

I have never claimed to be a QS myself. I run a business. But I reckon I know the rules relating to depreciation better than most QSs. I do know, for example, that there is a glaring…[Read more]

How spooky.

A very first post by a new member on PI at 11.23 on a Tuesday night talking up a company (and enclosing a link).

And a very first post by a new member on Somersoft at 11.08 on the same night talking up the same company.

The members and moderators of these sites take a dim view of companies anonymously touting for business. It’s rude…[Read more]

Yep, he has an office at Bella Vista.

Tax Depreciation Schedules
Australia wide service
1300 660033
scott@depreciator.com.au
http://www.depreciator.com.au

Modesty prevents me recommending us.

(But, gee, we’re good.)

As for the viability of getting a Schedule for just one year, it depends on how much depreciation is there and that is largely dictated by the age of the property and the quality of the fit out.

Give me a call if you’d like to discuss.

Scott

Tax Depreciation Schedules
Australia…[Read more]

Yep, estimating the cost of the building is where particular expertise is required.
Give me a call and we’ll have a chat about the properties and work something out – there’s no charge for a chat obviously.
Scott

Tax Depreciation Schedules
Australia wide service
1300 660033
scott@depreciator.com.au
http://www.depreciator.com.au

According to the AIQS (Australian Institute of Quantity Surveyors) the ATO have also found that site and they’re not all that enamoured with it.
Most decent suppliers of Depreciation Schedules will make sure it’s worth commissioning a Schedule before going ahead with it.
Wayne, if your properties are in regional areas and they were built pre 85,…[Read more]

If it’s a mid range unit, the chattels will likely include:
carpet, blinds/curtains, exhaust/ceiling fans, stove/oven, cooktop, rangehood, dishwasher, intercom, HWS….?

Their value will depend upon their age and condition. They may be worth around $6,000.

Scott

Tax Depreciation Schedules
Australia wide service
1300…[Read more]

Thanks guys. I’ve been away for a week but I’m now back in the office. Happy to talk to anyone at any time – especially now we’re heading into our quiet season i.e. plenty of time for a chinwag. Most of the people here will be happy to chat about a property and work out the viability of getting a Schedule done. For pre 85 unimproved properties, we…[Read more]

The ATO Rental Properties Guide is also pretty good.
Scott

Tax Depreciation Schedules
Australia wide service
1300 660033
scott@depreciator.com.au
http://www.depreciator.com.au

Hi Nathan,
That’s a pretty bizarre thing for an accountant to say. Lots of them still make up figures for depreciation (despite the ATO directives to them), but I have never heard of one who didn’t know abiut depreciation.
Do you still have the contract you had with the builder? If I can see it I’ll be able to tell pretty accurately what…[Read more]

Billy, you’d have to use the UK depreciation rules because that’s where the property is. Should be loads of companies over there doing it.
Scott

Tax Depreciation Schedules
Australia wide service
1300 660033
scott@depreciator.com.au
http://www.depreciator.com.au

Thanks for your prompt and helpful reply there Draconis. I have seen Kiyosaki’s book but I was under the impression it was more about telling people that education is not as much needed in todays day and age.

Correct me if I am wrong

A ‘formal education’ perhaps, but successful investors are pretty clever and are always learning. They read…[Read more]

Redfern has changed enormously in the last 10 years, and it will continue to change. It’s going to be a long time, though, before it’s safe to walk (or even drive) down some of the streets there. Some pockets are literally ‘no go’ zones. Some pockets are fine – I know two familes who live in Redfern and love it. I like it because it is still a bit…[Read more]

Hard to know where it will be good to buy in 3 years time, Christopher.
Not all baby boomers head out of town. And many of those who do come back – they miss their families, friends etc.
Many older people downsize i.e. sell the family home and move into something smaller. Townhouses are going to be become a sought after housing style.
Three years…[Read more]

Gee, I’d love to answer that question David, but I’d get myself into strife.

Rob, depreciation is just another outgoing, or cost of ownership. In that respect it’s really not much different from rates, interest payments, property management fees etc.

Depreciation is described as a ‘non cash deduction’. With rates etc, you pay money out during…[Read more]

Darryl,

To answer your initial question, painting is regarded as a building item. As such, it is depreciable at 2.5%pa.
For you to claim paining as a ‘expense’ i.e. a repair, you need to have been renting the place out for a while. The ATO don’t say how long, you just have to be sensible. If you’ve been renting a place out for, say, 9 months and…[Read more]

Phew.
Got the Sydney Morning Herald Spring Property Guide on Saturday and didn’t slit my wrists!
The Guide looks at price changes in Sydney and surrounds over the last 12 months.
The suburb where my Sydney IP is (Annandale) has gone up 3.6%. The average sale price went from $632K to $655K. The suburb where my PPOR is has gone down .05%. But it’s a…[Read more]