Hi Guys,
I’m just arranging for DepPro to do a Depreciation schedule on my two IPs.
I have 1 3×2 that was built in 1995 – which I bought in 2000. And I have another 4×2 which was built in 1999, which I bought in 2004.
The 4×2 I have spent over $15k on renos – whilst the 3×2 I’ve added a few things such as air con, dish washer etc.
The cost is $495 per house. Do you think it is worth getting both houses done? Will I get my money back in the tax deductions?
I was thinking of maybe getting just the one house done for now – then seeing how I go when I get my tax done this year… $990 is quite a bit of money to outlay – not knowing what return I will get??
Please advise:)
Rgds
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.homesearcher.com.au – List your property for FREEAre Quantity Surveyors worth it? Depends largely on the age of the property and the projected return.
Of course, you’re aware that some companies don’t use Quantity Surveyors to carry out inspections. Best Practice’ from the AIQS (Australian Institute of Quantity Surveyors) perspective is for a QS to visit the site and for a QS (ideally the same one) to cost the building work. The AIQS has a draft Practice Statement circulating about this and they will be communicating their stand to the ATO.
On a 95 house and a 99 house you will get plenty of depreciation. And the fee is tax deductible!Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auGday Scott,
Thanks for the reply – i forgot you were in the depereciation business!
r u able to match their costs and get it done before June 30th? If so, the business is yours…
rgds
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.homesearcher.com.au – List your property for FREEI couldn’t come down quite that low. Quantity Surveyors are expensive, but that’s the way we run the business. June 30 should’t be a problem if there are no access issues.
I’ll send you an e-mail regarding price.
ScottDefinitely yes from my end.
We spent $6K on reports last fin yr to do all our IPs. Got back $12K for that yr.
This yr with our big IIP’s kicking in, that figure shall jump up to $106K and then taper off to 98, then 91 etc…all from the original 6.
Hell of a deal I reckon.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Scott offers a guarantee with his schedule. All I can say is you get what you pay for and I would be going with Scott.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksFunny story (if you can call it that). I had a report done in 2001 and my accountant at the time refused to use it as he disagreed with some parts of it.
At the time I opted for caution, but he turned out to be a sucky accountant and my next one (who is excellent) took a look and thought it fine. So a few months back I restated by last 4 tax returns with the new depreciation schedule and got a nice litte windfall with interest
(Pity the interest is added to my income to half of that will be gone this FY)
EZ-Rent. The freeware tax and cashflow simulator for Australian property investors. Version 2.5 out now!
http://www.ez-rent.comG’day all!
thanks for your feedback:)
I’ve just submitted both my IPs through the online system at http://www.depreciator.com.au – quite a nice system – and 10 times easier than having to fill out and fax the paper work that Deppro provided me!
cheers
wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.homesearcher.com.au – List your property for FREEThanks Wayne.
Yes, we have great systems, but we haven’t found a way to eliminate people from the process.
On any one job there may be an accountant involved, a client, a tenant, a property manager, a QS and our in-house staff.
There are lots of points where a job can go off the rails. And about one in every hundred do. Usually, we get them back on the rails before anybody has noticed.
Scott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auIt’s great to see some of the Forum members using the services of the quality people we have on our Forum.
[jerry]
REDWING
Thanks to depreciator for answering a lot of my questions as well.“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
You must be logged in to reply to this topic. If you don't have an account, you can register here.
