Hi everyone
We are going to settle on a OTP property soon and I heard before that we can get the deprecation report from the developer as they wouldve already done it anyway for their tax purpose, is it true? has anyone had any experience?
Hi Dragon
Developer would normally not do a full report if they aim to sell the properties and not hold them for rent.
They may have done indicative reports for marketing purposes only. Chances are if you have bought OTP and didn't see a report then they don't have one.
You might be on your own to get one.
Doesn't hurt to ask them though.
Regards
Hi Dragon,
An indicative schedule is pretty useless to you anyway. It normally can't be used for your tax return, it is often called a "marketing" schedule
kind regards
George Smitwww.aaaonlinepds.com.au
www. condevds.com.au
Hi,
Theoretically the vendor of a property is required to provide a statement containing the information necessary for you to work out your capital works deductions. There is no requirement re depreciable items.
It doesn't hurt to ask them for a report as suggested above. If they are not forthcoming then best get your own QS depreciation report.
See http://law.ato.gov.au/atolaw/view.htm?Docid=PSR/GA20061/NAT/ATO/00001&PiT=99991231235958
If you get the information from the builder then I think the amount would be "builder costs" and not the cost that you would have to pay, i.e. retail should you need to replace anything. The best approach is to get a depreciation report from a qualified quantity surveyor. This way it's done right.
For about $500 I would get my own done independently.
Hi All thx heaps for all the suggestions
Was told its 'preliminary' report so no good for me and ATO wont accept it but they had a deal with BMT depreciation so only $275 for the proper report as BMT had already got all the detail and 'went' into the building itself. However was told that they want 600 if not the deal with the develope…………wow so it costs quite a lot for them move their ass off their chair lol
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