Hi there!
I just bought a new property investment in Mount ISA. It was built in mid to late 60’s and its a 2 bedroom, 1 bathroom with a relatively modern kitchen and I just installed a new air con engine. I brought in 15th of March 2005 for $140K. Its made of chamferboard cladding. Given the age, does anyone recommend a tax depreciation schedule? If so, what possible items can be claimed? Anyone can do this tax depreciation Schedule in mount ISA area?
Thank you
Frankic [cowboy]Frankic
Hi frankic
try BMT & ASSC
quantity surveyors
1300728726
they will do a depreciation schedule on everything for you at a fee of approx $660.
possibly consider furnishing the prop to really gain some depreciation, but as far as I know you can depreciate any improvements on the property as well as your usual fittings ie: curtains,carpet etc.hope this helps,regards mandy.Hi Frankic,
You’re unlikely to find anyone in Mt Isa who can put together an ATO compliant schedule. If there was anyone there, I would contract them. We go there occasionally.
Your property is not eligible for depreciation on the original building cost – too old. But if the kitchen was put in after Feb 1992, the cost can be depreciated. If the kitchen reno – plumbing, power, cupboards, benchtops, tiling etc – cost $10K, you’ll be able to claim this at 2.5%pa i.e. $250.
In addition to this, there will be depreciation in the appliances (stove, air con), floor coverings and window furnishings. It’s unlikely there will be much else.
The viability of commissioning a schedule will depend on the quality of these things. I don’t suppose you have some photos you could e-mail me so I can have a look at them?Scott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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