Hi,
I was wondering… after you have purchased a property, what must be done in order for you to be able to start claiming dpreciation on the property?
I purchased a few older properties near the beginning of the year and am starting to think that I should have done something at the time of purchase to ensure that I am getting the largest amount of depreciation possible…
Any advice would be greatly appreciated.
Waz11
Get a depreciation report written up by a Quantity Surveyor.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
does it matter that it is done now? and not at time of purchase?.
are they usually expensive?
Hi Waz,
No need to get a Tax Depreciation Schedule done at time of purchase, though if tenants weren’t in there it would have been easier.
Depreciation is just an outgoing, like rates, management fees etc. You claim it as an outgoing when you do your tax (Unless you opt to vary your tax).
If they’re older properties and in country areas (I’m assuming they might be) the cost of getting a report done may outweigh the benefits. If the age of the buildings makes them ineligible for the Special Building Write-Off, you’ll only be able to depreciate the fixtures and fittings, and you are able to ‘self-assess’ these.
Send me an e-mail with some details about the property. I may be able to help you free of charge.
Scott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auDone… and Done…
Thanks mate.
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