My experience of this is pretty minimal, but…..
I do know underpinning can be a very expensive exercise, especially if a whole slab is tilting. And if the sub soil has problems, as an ex swamp would.
Underpinning will stop further sinking, but raising the house to where it was would be really tough – particularly with a slab construction.
I have…[Read more]

I recall there were rumblings a while ago about the council in Byron thinking about some sort of special levy on home owners who rented their homes out during the summer holidays. This may have been just a rumour.
If this did in fact happen (and there would be huge opposition to it), it would increase demand on genuine rental properties.
I think…[Read more]

A thick skin?

Scott

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

I’m back – been in Brisbane.
Francis, estimating construction cost is something that only people with certain qualifications can do. Quantity Surveyors are at the top of the heap, but estimators and some builders can do it, too. Agents, accountants etc can’t.
I’m assuming you do need the construction cost estimated? If it’s just the fixtures and…[Read more]

Dazzling,
I always use architects. I use them because they are ‘out of the box’ and come up with ideas I would never have thought of. I’ve seen too many renovations that I can tell were cobbled together by people taking pictures from magazines and ideas from TV shows. They lack a unifying theme.
A good architect will take a thorough brief and quiz…[Read more]

Watch the cleaning/laundry costs on holiday apartments. They can be a killer.

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

Dutchess,
It seems like you’re sailing pretty close to the wind. I’m not sure whether I would have broached this in a public forum – you never know who could be reading and a forum alias is no protection.
Scott

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

Hi Adrian,

Lamentably, there is no set format for depreciation schedules.
Our reports set out in tables the depreciation able to be claimed every year for the next 20 years.
Send me an e-mail and I’ll send you a sample of one of our schedules.
BMT, Washington Brown and us are fairly similar in price and adherence to best practice…[Read more]

My kids will get plenty of financial education and a heap of ongoing unsolicited advice. They’ll probably get some assistance with a deposit at a below market interest rate. And I’ll no doubt give them a hand with some painting.
Scott

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

It sort of depends on what your plans are.
If you just want to rent it out again, you should be guided by your property manager. There is no point spending $20K tarting it up and only getting another $10 per week in rent.
But you may want to sell? Or you may want to get the place revalued so you can use the equity?
Scott

Tax Depreciation…[Read more]

I’m never rude – I’ve had too many crap jobs in my time.

I tell them that I have already had my quota of unsolicited calls for the day and I can’t talk to them. That usually ends it quickly and amicably.

And if I’m cooking, eating, playing with kids etc, I just don’t answer the phone. Easy.

Scott

Tax Depreciation Schedules
Australia wide…[Read more]

This is my favourite bit:

Mr Ruthven said he was impressed by the number of young people who were choosing to rent a home rather than buy one, because they did not want to spend the next 10 years struggling to enjoy life.

I know plenty of young people who choose to rent rather than buy – some rent from me. I have news for Mr Ruthven, though,…[Read more]

The value of commissioning a schedule on an older property is sometimes questionable.
If it’s, say, a 70s property with no carpet and a rundown original kitchen, there won’t be a huge amount you can depreciate.
You can self assess the value of items such as stove, curtains, ceiling fans.
Send me an e-mail if you like with a description of the…[Read more]

You’ll find plenty of caravan parks here:

http://www.kenbuckley.com.au/main/park.html

Scott

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

With a new building, the actual building costs should be available from the builder – unless he has disappeared. The ATO prefer actual costs to be used, as oppsed to estimates.
If efforts are made to obtain the actual building costs and there is no luck, an estimate can be made. The most qualified person to do this would be a QS. Estimators are…[Read more]

Factoring in depreciation makes sense, but even I still like properties to stack up without tax deductions.
And it’s only depreciation claimed on the building itself that has an impact on CGT calculations i.e. fixtures and fittings don’t come into it. And in many cases, that’s where there is more depreciation in the first 4 years or so.
Scott

Tax…[Read more]

Of course there is a risk that you will seen as patronising if you sling a tenant some choccies at christmas.
I had a tenant in a block of flats last year who loved gardening. The area outside her flat looked fantastic – lots of flowers. I started giving her (via my PM) a monthly voucher to a local garden centre so she could tackle the rest of the…[Read more]

If you’re making structural changes i.e. knocking out walls, relocating plumbing, you need to let the body corp know.
But if you’re just hanging a door and calling a ‘sunroom’ or a ‘dining room’ a bedroom, no need to tell anyone.
As a rule of thumb in units, try and be discreet about what you do and certainly keep the noise to business hours -…[Read more]

The relevant date is when the contracts are signed. It’s not the settlement date.
Scott

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

I knew people who did it in Sydney during the Olympics. They rented a small mini storage unit and put alot of personal stuff in there. The garage took some of their excess furniture. It actually turned out to be a great opportunity to have spring clean-out. Then they headed out of town for a month on a holiday. Of course, they missed being in…[Read more]