All Topics / The Treasure Chest / Depreciation on Common Fixtures/Fittings

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  • Profile photo of ARWARW
    Participant
    @arw
    Join Date: 2003
    Post Count: 21
    September 1, 2003 - 1:24 am

    I’ve heard that you can claim depreciation on things like security systems, lights, reticultation, lifts etc which are part of the common property in unit complexes – anyone know whether this is correct and where to find some specific info on it cause couldn’t find anything on the ATO site – too general.

    Cheers
    Alana.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    September 1, 2003 - 1:40 am

    Alana,

    You need to check with the vendor if there is a depreciation schedule in place which will advise what you may claim.

    If not then I would recommend you use a quantity surveyor to draw one up. This fee will be deductable and will more than pay for itself.

    I have a document with more info on it. Email me and I will forward it to you.

    You may very well find enough info by doing a general search on this site.

    Cheers,

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of davidfemiadavidfemia
    Member
    @davidfemia
    Join Date: 2003
    Post Count: 89
    September 1, 2003 - 3:32 am

    Hello Alana

    You will find TR 2000/18 useful. It has a list of the depreciating assets, and their effective lives.

    Its a lengthy ruling (75 pages), but it should assist with your query.

    David Femia

    Femia Property Group
    Property Investment Consultants
    http://www.femiapropertygroup.com.au

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