Hi
Does anyone know if there is a time limit that a vendor has to supply a depreciation schedule for a new development?
I’ve been told 3 months but I would like to know for sure before I send in the heavys.
Thanks
SteveSteve,
You are buying property off the plan? If so, I don’t think there is a requirement for the vendor to have a depreciation schedule.
Most are done at planning stages (obviously) and you would need to get another one done at settlement to actually claim.
James
I think it is best to get a depreciation schedule done by the one you choose so that you can get a higher depreciation than the one the vendor give you.
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]If you are purchasing an existing dwelling, it is possible to use the depreciation schedule that has been commissioned by the current vendors. This will depend on the wording and conditions in which the schedule was undertaken and produced.
I have been able to utilise an existing depreciation after recently purchasing, however, one that I got done recently in Melbourne, had a clause on it that it was only valid for me and could not be used by any future purchaser to claim depreciation.
I am not sure whether that is a way of generating multiple depreciation schedules or whether that is a legal issue.
James
Vendor schedules are generally wrong. Always get them checked out by a depreciation specialist before you use them.
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