Forum Replies Created
I believe it should because i'm baised!
BUT in reality the depreciation on a property is more GUARANTEED then your rental income.
I guess banks look at the fact you need a job 1st though for the depreciation benefits to kick in.
Sigh
Hi
To estimate your project…you could use our new free calculator –
Found here:http://www.washingtonbrown.com.au/calculators
Regards
Tyron
Hi
Use our depreciation calculator to work out how much you can claim.
Find it here
http://www.washingtonbrown.com.au
Regards
Tyron
HI MJT
To get an estimate of the likely depreciation…
Us the depreciation calculator on our website
http://www.washingtonbrown.com.au
Regards
Tyron
Hi Getting started
This article i wrote might help you, particularly "option 2"
http://www.washingtonbrown.com.au/property-news/building-allowance
Regards
Tyron
Hi
You also need to factor in the depreciation allowances.
Use our calculator to get an approx. cost.
All the best with the decision.
Regards
Tyron
Hi Mick
Your query is best answered by using our calculator and comparing the answers @ http://www.washingtonbrown.com.au
I think you'll find the actual depreciation won't be that far different.
There is long winded reason why…but i'm off for a walk!
Regards
Tyron
Edvico_kvn wrote:Also in the first tax return, you can claim strata, water rates and council rates you would have paid to the vendor on settlement of the IP. The settlement letter will show the amounts you can claim in the 1st year tax return.With regards to claiming depreciation of building and fittings, they are certainly deductible during the years of tenancy. But the depreciation claimed must be added back for CGT purposes (i.e reduce your cost base by the depn amounts claimed over the tenancy years and hence increasing your assessable capital gains) when you eventually sell the IP.
Kevin
I assume you are only referring to the building allowance.
As the plant should be sold at the written down value.
And don't forget – A Dollar today – is better then a dollar tomorrow!
Regards
Tyron
Hi Cama20
If the original construction costs were not transferred to you at settlement – you will need an appropriately qualified person to estimate the original construction costs.
To get an estimate yourself now – use our depreciaton calculator – which you can find here http://www.washingtonbrown.com.au
Duckster has answered the rest of your queries.
Regards
Tyron
[/quote]
Thank for reply Terry,
I want to clarify couple of thing:
What is the receipt required for the travel expenses?
How do I get the depreciation of the building and fitting if I want to buy the strata unit? Does ATO have a certain way to calculate it?
Thank again,
DNA4
[/quote]
Hi DNA4
If the original construction costs are unknown – ie they weren't handed over at settlement. The ATO accepts an estimate of the original construction costs by a quantity surveyor – like us.
You can get an estimate of the likely deductions available using our depreciation calculator here:
http://www.washingtonbrown.com.au
all the best with your investment
regards
Tyron
Go to http://www.homeworld.com.au
And talk to builders directly.
Will work out far cheaper – might not be exactly your design.
regards
Tyron
Absolutely you can. What a bonus!
This question will be pondered by investors more and more as rates come down.
Work out how much you can claim using our calculator. http://www.washingtonbrown.com.au
Regards
Tyron
Hey
You may find this article of interest in relation to buying a new property vs. a second hand property.
http://www.washingtonbrown.com.au/news/depreciation-for-profit.htm
Regards
Tyron Hyde
http://www.washingtonbrown.com.auHi Theresa
We do alot of work in SA if thats of interest.
Please review our site @ http://www.washingtonbrown.com.au
Regards
Tyron Hyde
elkam wrote:
Having said that as the property was built in 1986 the depreciation on the original building has now expired.Not too sure about this!
Still should be plenty of depreciation for you.
Regards
Billy
I think you’ll find residential depreciation laws are not the same in the UK.
IE you can only depreciate Commercial properties.
Napier Blakely Winter (Who are linked to Napier Blakeley) will be able to assist you.
When googling in the UK -try “Chartered Surveyors” not Quantity Surveyors…you may have more luck that way.
Or try the http://www.rics.org
Regards
Tyron Hyde
www,washingtonbrown.com.auTalk about a turkey slap in the face!!!
Hi Elka
To a certain degree your nephew is correct.
The ATO has released a pretty comprehensive list of what is plant and what is capital.
Why people would use a QS in the situation would include…
A. Well most firms would give you a year by year breakdown and an analysis of prime cost vs. Diminishing Value.
B. Would be able to determine/maximise any individual plant items effective life – pool them or write them off if applicable.
C. Depending upon the level of detailed furnished – be able to classify some work as repair and thus write off.
D. Having a third party prepare this type of work surely has impartiality advantages!
E. Enhancing the individual attached to the plant and equipment. Will your nephew simply start the value of the plant item @ $800 (Cost of harvey norman ) all will he be able to work this item up to $1250 or so?
E – worth the price alone.
and the fee maybe less if no inspection is required.
Regards
Tyron Hyde
http://www.washingtonbrown.com.au
