I am currently purchasing a ip that although built before 1987 it has had major renos in 2003. I want maximim tax minimisation(as we all do) so is a quantity surveyer the person for the job.Do they do everthing from capital write off to depreciation of fixtures etc.What do the do basically and how do they do it Do they just go through with a check list and give a total valuation at the end or something.Cheers.
You need a Quantity Surveyor who understands depreciation – many don’t.
A QS will estimate the cost of that reno on 03. You will be able to write it off at 2.5%.
Then the QS will then put a value the Assets (appliances, carpet etc) as of the first available to let date i.e. when you made the property available to let.
Some of these Assets will be written off straightaway – those under $300.
Assets valued between $300 and $1,000 may go into the Low Value Pool and get depreciated fairly rapidly.
Assets over $1,000 will be written down according to their ATO determined Effective Life.
The QS will put everything in a report that states clearly how much depreciation you can claim every year.
You just give the report to your account.
Easy.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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