1988 House - Depreciation Schedule?

[Michael.Knight]

Is it worth getting a depreciation schedule done for a house built in 1988? Will I get much back?

 

[Rixter]

Yes its worth it.......you will get back 18 years worth of buildings depreciation & fittings/fixtures depreciation. Literally $thousands.

 

[Luv2Travel]

I think you will be surprised, I know I was. I bought a house for $290K last year, built in 1987. Quantity Surveyor has me able to claim about $24K of deductions, obviously over a number of years and that's with only 3 years on the building left to claim (due to falling into the 4% period).

 

[Neil Richardson]

Yes definitely worth the exercise.

 

[battler]

Would you have to own it for the 22 years to make the claim, or can you only claim for the time you have owned it?

 

[Rixter]

You claim it for time its an IP....from memory, you also used to be able to adjust returns going back up to 4 years in retrospect if it was an IP then too.

 

[Jamie M]

Yep, definately worth it. I'm claiming $2,100 this year on a 40 year old house - the depreciation schedule only set me back $220.

I haven't come accross any examples yet where a depreciation schedule hasn't paid for itself within the first year.

Jamie

 

[Michael.Knight]

O wow thats great news! Never realised it could save thousands even if it was built in the late 80's. Thanks everyone

 

[Mry]

Its nice to see 19 other people also know of the benefits of depreciation and the relevant dates.

 

[Alex P Keaton]

Yep, definately worth it. I'm claiming $2,100 this year on a 40 year old house - the depreciation schedule only set me back $220.

I haven't come accross any examples yet where a depreciation schedule hasn't paid for itself within the first year.

Jamie

Ditto

I was absolutely shocked & excited today to find out I'll get $3200 tax return. I thought I'd only get about $1000. Thanks to the depreciation I'm getting heaps back in the 1st year than what I spent on the report. I can claim $1700 for this past financial year (ive owned my ip for about 9 months)

 

[tkhn02]

My IP is an old Cottage built in the early 1900. It has a small extension done (Family room added), Pool, new whole house RC air, new cooktop, oven and dishwasher... Is it worth doing the report? Will I claim back much? WHO do you recommend to get the report from? Thanks

 

[battler]

WHO do you recommend to get the report from? Thanks

Call Scott, he's been great for us.

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