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- MarJac wrote:Scott No Mates wrote:you may also look at getting a depreciation schedule prepared by a quantity surveyor. This gives rise to you claiming depreciables at tax time.
I don't wish to highjack this thread however I'm also about to rent out what was my PPOR which is also a flat
Before I place on rental market I intend to repaint & re-carpet (both are needed) are these items able to be depreciated or are they capital costs that I can useb as a deduction for this financial year?
MarJac I am a recently Graduated Quantity Surveyor who works for a firm which specialises in Tax Depreciation. As I understand for re-painting as this is not depreciated like carpet the depreciation applied is part of the building structure and as such a 2.5% deduction is applied per year. With carpet the ATO allows for the carpet to be depreciated over the life of carpet. The effective life of carpet as determined by the ATO is 10 years and per year a deduction is calculated.
If you have any other questions let me know!
