I have heard that getting your investment properties assessed by a depreciation specialist can turn a property into positive cash flow by knowing exactly what can be claimed. Does anybody use one? Do you think they are worth it? Is it just another way to sink money into investments with little gain? What are your experiences?
Caroline[blink]Absolutely yes.
http://www.depreciator.com.au is mine.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
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.
definately, you will be surprised how many things they find you can claim. you will get your fee back in no time (plus it’s tax deductible). i used the same as simon’s.
lena
yes is a great idea and well worth the cost – I was at the accountant recently and they were saying that this is an area where alot of her aussie client are missing out on eg you can claim building depreciation here on the structure no mater what the age and it start again from the time of purchase eg purchase price minus land value is the new start value of the building write off – blows you away really- but carefull of clawback – got to pay it back when you sell – should be the same in OZ and this is something that people often forget about.
cheers
Accountants used to do this in the past and now you need a specialist (Quantity Surveyor).
Would I use one? (Yes)
Do I use one? (Yes)
Who do I use? (Scott from the Forum and http://www.depreciator.com.au)
Am I happy with the service? (Yes)
Should you use one? (How old is the Property, have you done renos?)
Should you use Mine? (search the forums for feedback, look at thier site and make an educated decision IMHO. I use depreciator as i’ve always found the service to be great and Scott a major help to myself and others here)
“Money is a currency, like electricity and it requires momentum to make it Effective”
Online Positive Cashflow and Renovating CalculatorsOriginally posted by redwing:
Who do I use? (Scott from the Forum and http://www.depreciator.com.au)Am I happy with the service? (Yes)
Should you use one? (How old is the Property, have you done renos?)
I must disagree mate. Regardless of the age of the property – you should talk to Scott. He will make the call on whether to do a report or not. With his guarantee that the repport cost will be recovered in year 1 from your tax refund or it is free – you cannot go wrong. My oldest place is 45 years old and I have claimed an additional $7K in the last three years for a $660 outlay.
I think this is a no brainer – call Scott. He will tell you if your place is worth doing or not and wont charge for that advice.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
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.
Thanks guys. I’ve been away for a week but I’m now back in the office. Happy to talk to anyone at any time – especially now we’re heading into our quiet season i.e. plenty of time for a chinwag. Most of the people here will be happy to chat about a property and work out the viability of getting a Schedule done. For pre 85 unimproved properties, we have a few low cost options.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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