Hi All,
My current property is around 20years old is this too old to make any savings by getting a depreciation schedule done? its used as an invesment and not furnished.
I would say yes – our IP is 1948 and it was definately worth our while
Depends, how long is a piece of string.
Provide more information, like new carpets, blinds, kitchen/bathroom could be worth it……not on the building itself though.Twenty years is definitely not too old to obtain a tax depreciation schedule!
Depending on when it was built, you may even obtain deductions on structural improvements (e.g. pavings, fences, planter boxes, retaining walls, etc.) ontop of the building deductions and depreciation available on the property. Keep in mind that the fee for the tax depreciation schedule is tax deductible as well.
Regards,
Constructivity
http://www.constructivity.com.au
Phone: 1300 855 281
Tax Depreciation Schedules – Sinking Fund Forecasts – Insurance Valuationshey mate, definitely worth having a report done on this property, you still have 20 years depreciation left on the building, plus if you have done any renovations new carpet, kitchen etc, these items would still have quite alot of depreciation left in them.
if you are interested in having a report done, give me an email back and i can give you some details of a good quantity surveying firm to look after you.hey Nafe,
shoot me a pm with the detailsHey coretex
Check out the corpred website, http://www.corpred.com.au . I stumbled across them earlier this year after being told by Deppro not to bother with doing a schedule on my place.
Basically you fill out the details of your place and send it to copred. For free they will do a basic calc and then sms you back the expected depreciation for that year. If you want a report, then there are a couple different options, and still quite cost effective (plus that cost is deductible)
seeyaKT
thanks
i may take these guys up on the gold package so cheap! iv been quoted $500-650 for a report done on my house
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