Hi Guys,
I’m just finalising my tax for this year. I have everything accounted for accept for items of depreciation within my rental property.
I was going to get a quantity survey done on the property, however I’m not sure whether I can justify spending $600+ to get this done.
How have most of you approached this area of your tax submission? Does anyone have a basic template they’ve used to show items of depreciation? Or do most investors just pay for the quantity survey?
Thanks for your help!
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi there. Depreciator should be able to help you there. He is one ( believe it or not ).
Cheers
“Looking forward to the day when I can tell the boss where to go”
Many depreciation firms offer a money back offer if the tax claim isn’t bigger than their fee – nothing to lose I guess.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Myydarl,
Yeah, Scott has given me a quote on getting a QS report done on the property – however I thought I would ask to see if anyone has produce this info in a DIY format?
rather than paying for a professional to write a report up…cheers
WayneWayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi Wayne,
The recent ATO rulings regarding lifetimes and starting values of depreciable items has made it easier for an accountant to come up with a set of numbers. However an accountant is not able to establish ‘building costs’ and as such you may well be doing yourself out of 2.5% of the building costs of the property over 40 years.
In the grand scheme of things $600 (deductible) is chicken feed.
To give you an example one of my properties cost $148K with total depreciable claims of $126K.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Wayne,
I would have to agree with Derek on this.Small fee to pay in comparison to savings you will potentially make.
Cheers, Marisa[biggrin]
Hi Guys,
Thanks for your feedback:) Yes, I guess when you look at it like that it’s worth doing:)
Do you know if there’s a time lapse on these types of things? Eg, if you don’t claim items of depreciation in the 1st year, you can claim that depreciation in the 2nd year?
btw, Marisa – how’s your little project going? Hope it’s coming together for you:)
Cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)Hi Wayne,
If the property is pre 85 and unrenovated, it’s debatable as to whether our fee could be justified. As Simon mentioned we do have a guarantee, but if we don’t think it’s worth your while proceeding, we’ll let you know to save mucking your tenant around.The new list of assets on the ATO site would be useful to you. It lists assets and has their effective life. You would still need to work out the value of the asset and you’d need to know how the Low Value Pool works, but I’m happy to talk you through this.
Scott – 1300 660033
rather than paying for a professional to write a report up…
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