Forum Replies Created
Couple years ago I was under the same impression why claim depreciation if i have to pay it back.
Yes I was wrong. At the time I think it was just Capital Works that effected your CGT stuff. Think it has now changed to be all depreciation.
I had a good chat with the guys at BMT Depreciation about it and claiming depreciation and they set the record straight. Since then I've had 12 reports done and have no worries about making use of the cashflow now.
I believe you have to make an allowance for it anyway in the CGT estimates later anyway, so what not claim it now is my view?
Think its dependent on where the moneys being claimed is it offshore or is everything coming back to Aus etc. I think that makes a difference
Can you literally build a bridge and get over it.
http://www.bmtqs.com.au/ConstructionCostCalculator.aspx
Using this it gave me a cost of about $15.9m to $17.5mil using 8500 sqm and 8 or more level unit building with lift and basement car park.
You could call a few quantity surveyors I think they do estimate or construction estimates or something but obviously you would have to pay for this I would assume.
I know I had a little 8 unit development and BMT did some tax depreciation estimates that helped me get some pre sales but not sure what you need but just another option especially if you have heaps of units may help.
Other than that just getting quotes and estimates but probably would end up paying for some of them.
I agree with Duckster. Online savings and the savings system there is really no incentive is there?
I think the comment does answer your question. The landlord needs to agree to notify TICA of any changes, not the property manager. The property manager more than likely could help by contacting landlord and arranging etc but chances are for the stuff they deal with every day probably couldnt give a rats about your issue.
Yes they show up, after 15 years you have been paying x y and z for everything then to be told bad luck not yours etc.
Seems a lot of energy and time with a small guarantee of success.
How much depreciation. $2k might not be the $15k your entitled to I think thats what people are asking. I have a a few properties that are around 3 years old some are $8k some are $35k per year roughly (see depreciation term doesnt help need figures).
I would estimate a unit that is only 2.5 years old should be getting at least $8-10k minimum surely!
Sounds like a lot of work for what if's
Done some more research here are some links
Pricefinder Iphone: http://itunes.apple.com/au/app/pricefinder/id412545272?mt=8&ls=1
Princefinder Android https://play.google.com/store/apps/details?id=com.pricefinder.android
BMT Tax Calculator Iphone http://itunes.apple.com/au/app/bmt-tax-calc/id471823532?mt=8
BMT Tax Calculator Android https://play.google.com/store/apps/details?id=com.app.ip.bmt&feature=search_result#?t=W251bGwsMSwyLDEsImNvbS5hcHAuaXAuYm10Il0
Domain Iphone http://itunes.apple.com/app/domain.com.au-real-estate/id319908646?mt=8
Domains app is really good. I use it all the time whilst out and about see what is avaliable around the area it works well.
BMT's construction calculator app and depreciation app I keep to run some numbers by if I need too.
I also subscribe to Price Finder and their app is always really good to help check past sales, comparables etc when looking at domains app etc.
Also I keep ANZ app close by too. Need to know how much money I have for that next purchase!!
Personal vs company vs trust vs not investing vs headaches vs sleep time.
A fun merry go round it is.
Yes number of ways to look at.
Rawlinsons construction handbook think its about $400 but may be able to source from somewhere and they may have online rate or something I havent checked
Construction calculators like Scott No Mates mentioned like http://www.bmtqs.com.au/ConstructionCostCalculator.aspx and if you are signed up to their mailing list they actually publish current construction rates etc and regional differences in their newsletter
Few articles online that are published with current construction costs.
Are you claiming depreciation? How much? Was it done properly could you be getting more I'd look at that as well.
Thanks guys for the insights be good to see what happens or if I can get a hold of this paper they are talking about to have a read what kind of proposals or changes are being made.
I heard today changing rates around for depreciation is now on the cards rather than abolishing it. For example a rate of a certain building will depreciate faster/slower than something made of a different material. Interesting.
Yes I agree these things always come and go when they realise what ramifications and recourse there would be.
There is such a shortage in housing and everyones trying to stimulate people buying/building houses then they go and make it even harder by removing some of the benefits of doing so.
Sure, if you can afford if before/after depreciation, interest deductions being claimed etc then maybe you shouldnt be investing I have heard those people around as well but at the same time waving a wand around trying to fix things with such a broad brush just sounds silly to me.
Did the very same thing recently. Had a PPOR that was not really exactly where we wanted to live but hey, we got onto the ladder. We then moved into a newer home and started renting out the PPOR. I had completed heaps of renovations over the years we were there and didn't think anything of it until I had BMT Tax Depreciation come in and do a report. Surprised at the total deductions I was able to claim on my old PPOR even though I had owned it for a few years. Definetly was the icing on the cake to making it an investment property.
We are now onto the next stage again, the new PPOR now getting sold and moving into our newly built house (when it gets completed).
So best of luck, its good you have no emotional connection with the house so to speak.
Have you made any decisions? Are you looking to rent closer to work? Or looking to rent closer to where you want to live lifestyle wise?
Sorry Freckle, Hunter, NSW (Newcastle)
I think the right term is nothing tears friends family apart than shacking with them! Haha
No we didn't want to do that because of our dogs and kid < 6 month old.
If we found the right buyer to let us rent it back for a 6 month lease could be handy until the final place is built. Will definetly discuss this with the REA when we meet. Failing that few months of paying two mortgages never hurt anyone, right? Right!!
That is a possibility Santh, yes it could be hard trying to find the right buyer but it could work – I have a meeting with the real estate agent soon so may have to discuss what he thinks about this scenario.
