All Topics / Legal & Accounting / Depreciation on building question

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  • Profile photo of kalskals
    Member
    @kals
    Join Date: 2009
    Post Count: 7
    June 14, 2009 - 11:14 pm
    I'm looking at purchasing my first IP and have seen a potential. I'd prefer to purchase something post '85 for the building depreciation benefits and the agent checked with the owners who said it was built 18-20 years ago which puts construction at around 1989. Is there a more accurate way to confirm this, other than relying on what the owners say?
    Thanks so much
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 15, 2009 - 6:42 am

    Use a quantity surveyor. They should be able to tell you the value of fixtures and fittings too which will give yo ueven more deductions.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    June 15, 2009 - 7:21 am

    You should be able to check with council about the date of the occupation certificate for the building or the DA/BA date.

    Profile photo of kalskals
    Member
    @kals
    Join Date: 2009
    Post Count: 7
    June 15, 2009 - 9:43 am

    Thanks so much for your replies.  I did end up contacting council and it was first built 1980 so there goes building depreciation.  will contact a qs for potential fixtures/fittings.
    k

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