Search results

Yes, but only depreciation claimed on capital works.

Hi Kokee, Read the article: "Claim $4,852 in Twenty-nine Days" http://www.bmtqs.com.au/Documents/publications/mav32.pdf For your first partial financial year claim, the amount you claim won't be proportional to the length of the period of the year it has been rented out. This is because...

It is always worth depreciating a new purchase that you plan to hold for a year or more regardless of any other factors--providing, of course, your goal is to reduce your tax. Age and size do not matter: all removable fixtures and fittings depreciate from your settlement date (regardless of...

If your original provider is still around then they might be able to re-do it cheaply or for free. If not then you either have to do the maths (I would suggest putting this to your accountant first) or have it re-done. Whether you're under-claiming or over-claiming the following is true: the...

Ours go for the maximum 40 years. Not often necessary but sometimes useful. I do apologise; I meant it in jest and this was not a dig. However, you do say that your accountant is using conservative figures, which is tantamount to "making it up".

Ah, I see now. Your original provider should be able to update it for you. Otherwise, unfortunately the answer may well be "a fair amount of mathematics". The amount may depend on whether diminishing value or prime cost has been used. If fudging figures for a tax return is "old school" then...

You certainly can't do the latter (items don't just magically write off once you've owned them for ten years). I'm a bit puzzled about the former option. Where are you getting 10% from? Division 40 items all depreciate at different percentages, so for a start you couldn't just apply 10% to...

That's not exactly how it works. New capital works depreciate for 40 years if they were constructed after 1987. A 40 year old building (i.e., built in 1975) has no depreciation on its original construction. That's exactly what we do and why you need us! I wouldn't bother with the...

Hello freogirl, Sorry to hear that. It actually sounds like you may have received the wrong template because we do have one for properties where you've built rather than purchased. If you would like to private message me your job reference number I'll get in there and fix things for you.

Some people do actually do this but I doubt they'd do it for every property, but instead are just testing the water once to assess the results and see what their preference is. However, dare I suggest that if your price range is $300-$500 then you won't come close to finding "the best one"?

Yes, though the order in which you do things will depend on whether the property has been tenanted prior to and following the renovation. For a start, you'd want to get a depreciation schedule regardless of whether you were going to renovate or not. Even on an unrenovated property we can...

I'll back this up but I will have to qualify it. Because the property is new-ish then it is possible that we can do this but you would have to be certain that no changes have been made in the interim period. If additions have occurred, well, see my previous post in this thread: you are...

To confirm what others have said, yes. All plant and equipment items are revalued from the settlement date. Given that the largest deductions occur in the first few years you would essentially be kissing these goodbye if you continued using someone else's report from where they left off.

Aw, shucks. Thanks! I'll just leave my details here.

True, but better to have it and not need it than to need it and not have it. It's no skin off anyone's nose to include another 20 years. I did say "residential", which short-term traveller accommodation isn't, for the most part. We've been in touch with the ATO about this numerous times...

No residential depreciation schedule that has capital works @ 4% over 25 years is valid any more. The cut-off for this was September 1987, which means that the 25-year period finished in 2012. While most of the numbers remain steady after 20 years, this isn't always the case and can depend...

It's not something we publicise much but if you do mention Somersoft you will get a little bit off the fee (and if you send me a private message I'll make sure you're personally looked after). We don't generally do large discounts in this sort of context and prefer to let our work stand for...

It's also a common request that we get so I should note that, unless a QS firm specifically advertises that they do them, ours are not the valuations that you're looking for. That might save you a phone call to the wrong place.

It really doesn't sound much like you've got much that's scrappable. Tiles are capital works and won't count (doubly so, given that you're not removing them). Seems like you'd only be looking at a couple of minor items at most. Alas, I cannot help you there but I'm sure there are a lot of...

Okay, that's helpful. In an old bathroom there are only a few small-ish items that would be scrappable, assuming the existing capital works there date back a few decades. In that case, the focus now shifts to the flooring: what sort of flooring is/was there and what are you replacing it with...