Another depreciation schedule

[wally]

Is there any point to claiming depreciation on this investment property.

2 bedroom apartment in Dulwich hill, Sydney, pretty sure it was built before 1985.
Bought: 2003
Renovated by previous owner in 2002.
- new carpets
- completely new bathroom,
- new paint, blinds, power points, lights fittings, skirting boards, floating floors
- kitchen, new cupboards, stove, exhaust, sink, taps
- new doors for all rooms

Also can i claim depreciation back to the date when i bought it?

 

[Bazza]

You should be able to claim on the reno costs and back date it.

Talk to Scott @ www.depreciator.com.au I'm sure he'll be able to advise you on exactly what you can claim.

Cheers,

Bazza

 

[depreciator]

Yep, there will be some decent depreciation there, Wally.
Do you have any photos of the place? I can get someone to work out a ballpark.
And yep, you can claim depreciation from when the property was first available to be let. But the amount of the claim will dictate whether it's worth amending your previous tax returns.
Scott

 

[wally]

Thanks scott, i have photos somewhere will seach for them.

Do i need receipts? As it was done by the previous owner this might be difficult.

 

[Brazen1]

This question is a little off the thread but still on depreciation.

I purchased my PPOR 2 years ago (5 years old at time of purchase) and I have spent approximately $25,000 on upgrades such as interior / exterior painting, new carpets, new window coverings, two additional a/con split systems, dishwasher, new hot water system, garden irrigation etc.

I plan to covert my PPOR to an IP in December due to an employment transfer.

Obviously there is depreciation benefits to be had. When should I obtain a depreciation schedule, now or when the property is available for rent? Does it make any difference?

Also a little further off topic, do I need to get a valuation on the property when I convert it to an IP so that a cost base is established for CGT should I sell it further down the track?

Thanks in advance.

Mark

 

[depreciator]

Get the Depreciation Schedule before you move out, Mark. It makes it easier if the QS doesn't have to deal with a tenant.

Also a little further off topic, do I need to get a valuation on the property when I convert it to an IP so that a cost base is established for CGT should I sell it further down the track?

There are plenty of opinions on this. I reckon it's a good idea to get a bank (not RE agent) val when you move out. You may never need it, but at least you have it.

 

[Brazen1]

Great stuff, thanks for the info. I'll get right onto it.

 

[Mom]

Depreciationschedule on old building

Just bought an old unit in wiley park, does it worth doing depreciation schedule on? the building was build in 1975 by the look of it ( based the plan on contract on sale). the unit itself looks like it has just had bathroom renovation, and the kitchen is also more modern (stainless steel look). I am also installing another wardrobe before it being rented.

 

[depreciator]

If you have access to the place, send me a few photos. I'll be able to tell you whether it's worth doing - I'd say it will be from the sound of it.