Build year for a property

[AVS]

All,

I recently purchased my first property in Bracken Ridge but struggling to find exact year when property was build.

Price finder shows first sale record for 85. (I have been assuming this will be build year)

Title and sewage documents from council shows declared year as 75, the stamp has designed,tracked,checked year as 77 for the sewage plan, 1 plan shows designed,tracked,checked year as 82.

I rang the solicitor to provided these documents to confirm the year of build and they asked me to contact council. When I contacted council, they requested me to apply for some inspection records etc to check but I am assuming its same thing which solicitor has given me.

Not sure how to solve this. Also any chances of getting any depreciation on this property?

 

[D.T.]

Pricefinder should have the build year. If you share the address someone might be able to help you find it?

Sounds like it might be early - mid 80s, id say there'd definitely be some depreciation there. Have a depreciation place go out, they'll soon tell you if there's nothing left in it.

 

[Big Will]

I know here in Victoria you could check the meter box before they started installing smart meters and you could see when the meter was installed which would give a good indication of the year it was built... However with these 'smart' meters they do not include this information

 

[Television]

Not sure how to solve this. Also any chances of getting any depreciation on this property?

With regards to depreciation, if the property hasn't had any improvements since build date (whether that be 75 or 82) then I don't think you'll be getting much back at all.

If there's been some Renos done, give Scott from Depreciator a call and have a chat about what you can see and he should be able to advise whether or not it's a good idea to get one done.

 

[depreciator]

If it's a recent purchase and construction started before September 87, there will be no depreciation in the building. There will be depreciation in renovations and in Assets: appliances, floor coverings etc.
If you happen to have any photos from when you bought the place, I can give you a ballpark.
Scott

 

[AVS]

Thanks for the response guys. I will post the photos in next few days once settlement date is booked. I was aware there wont be much depreciation scope. However I am looking to get the gutter replaced\changed, should I get it done after it is rented? Does it make any difference in claiming for tax?

 

[chilliblue]

Council will have the exact year that the property was registered with them.

 

[depreciator]

If the gutters were in poor condition when you bought the place, you won't be able to claim fixing them as a repair even if you do it after renting the place out. So you might as well do it now while access is easy.

 

[AVS]

How do they know that gutter were in condition that needs repair\replacement at time of buying the property? What if the issues occurs one week after the property is rented out?

I have very basic understanding of this hence just throwing out some questions that arise. Thanks for your help.

 

[depreciator]

When you say 'they', do you mean the ATO?
They would not know.
The rough ATO definition of repairs is to restore something to the condition it was in when you bought it.
So if you put new gutters on a week after purchase, you are implying that something catastrophic happened to the gutters in that week of rental that meant they all had to be replaced. If ever quizzed on this, you might struggle to convince 'them'.