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I have heard this too, not my accountant but a friend's acct. So it looks like I have missed the boat, lesson learnt. Hard sometimes, as I was planning to sell all of these, but then realised I would pay too much in tax, one step forward two steps backwards. Learning so much, good to...

Thanks for help:)

Yes, I have a g/friend who will be saving $26K using scrapping, so just tacking this onto her 3 villa project and also using depreciation schedule for these. I am new to scrapping but am glad I got some great advice from experts here on SS:)

Thanks BMT Yes, I do have photos and meeting accountant in Feb, so thanks for this, whether I do will be dependent on his advice. Appreciate help:)

I get it, was confused. OK, can I get an estimate per valuation of the property, for example sqm of home, using a ration of sqm rooms, carpets, rooms- blinds, dishwasher new, cooker gas... this basic type of template ?? and work from this. I bet some investors do this themselves MTR:)

Have I now missed the boat, is there anyway around this?? I was renting a property for 12 months, I then demolished the house no depreciation schedule on this property as I was planning to build/sell all of the 3 villas. Current scenario has changed, I would like to sell 2 villas and hold 1.

I agree Aus, but sometimes it is attractive to sell, especially when you can sell off land and take the profits and reinvest as opposed to waiting 12 months to complete a build. Lots of factors to consider, such as markets turning etc.

Thanks Chris I was chatting to someone from BMT, not you:) In this instance not suitable, but will certainly be looking at this down the track with other projects, in particular if I decide to hold stock. Cheers MTR:)

Thanks Paul, agreed. My accountant is also a developer, he knows the ropes but for some reason he thinks I know what he knows, that is the problem I believe.

Definitely Rooky, I believe communication is imperative, some accountants are very anal, not you Paul:) you are great.... Also, one thing that must be considered with this strategy is are you selling or holding etc. I am looking at selling all my stock for the first year so no need to do...

I will be contacting a QS today, this particular property was rented for 6 months and age, maybe 1980, large house I did demolish another property in February this year and was not aware of this, property had been rented for 6 months, currently building 3 villas, so I stuffed here, shame my...

Can anyone help with this question. I am currently demolishing a house and a fellow investor mentioned that I could claim as much as 70-80K depending on the (QS) report. My plan to demolish and strata the land into 2 lots and on sell. I would welcome any way that I can reduce my tax...