I have been given quotes to prepare a full tax depreciation schedule on two properties I bought new.
The proeprties are valued at 1.8 million and 700,000 dollars and the schedules are quoted at $1025 and $1185 respectively.
Please give me your opinions as to whether this will be money well spent or unnecessary?
Thank you
Regards
bIf you bought these places as a new investment property then they should have come with a depreciation schedule.
If not then it is worth getting them done but a few people on the forum have used several depreciation companies for cheaper prices.
ChrisAll post are IMHO.
Chris,
They werent originally bought as investment properties….the bigger one was to be our home but we got a second posting overseas….I dont think that depreciation schedules are mandatory on properties in Western Australia? I may well be wrong..there is a good chance in fact….I know the eastern states seem to have them as a given on sale.
I thought this seemed quite high…if anyone has any recomendations for a less expensive company it would be much appreciated.
Regards
bthose quotes are quite high, in sydney they are approx 330 – 660 and they provide discounts for 2nd properties also
depreciator
deppro
washington brownLittle Bee if you are renting both of these properties out then the cost of a Quantity Surveyors Report (Tax Depreciation Schedule) is deductible against the income being earnt.
Check that the company/professional you are using for these schedules is up to date with changes in the tax law. There was an Administrative Appeals case handed down by the ATO Admin Appeal Court this year which effectively disallows a lot of items as depreciable. I think the plaintiff in the case was named McCormack. A lot of QS (quantity surveyors) are still including items on their schedules that are disallowed by this case.
I haven’t heard of anyone challenging the case yet either.
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