Hi all.
Have our first IP up and running and a depreciation schedule done. Since having the schedule done we have had fly screens and screen doors added to the IP at a cost of around $3000. Do we have these costs added to the depreciation schedule (Cost $55, I know not much and we can claim) or can we just take the receipt along with us to the accountant at tax time?
Cheers Thirstyshark
Just get you accountant to add it in. No need for a new schedule
Some companies will also add new items to your depreciation schedule for free if you use their services. I know the one I use and refer clients to does. A nice little extra.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Thanks spearsy I'll take your advice.
Thanks Corey I'll take spearsy's advice and just take it to the accountant. I contacted the company that did our schedule and they replied they do it at a cost of $55. Maybe use a different company next time. All part of the learning.
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