Can you send me your Depreciation Schedule?
- Thread starter fullylucky
- Start date
People are trying to get it through your head that you are not qualified to make up your own figures. You can or will get into trouble and/or lose a lot of money by missing out on what you could be entitled to if you pay some money to the professional that does this for a living.
Hey, when BMT gives a min and a max set of values you don't criticize them. and say these comments but I give you max, min and average you say these negative comment? Why the hate?
No one gets Nando burgers (waste of money on burgers)! You go to Nandos for their chicken. Get half a chicken or a full chicken and share it with your mate. It's from comments like these I know you are inexperience and have no idea what you're saying.
People, get it through YOUR head: I'm gonna do an estimate myself and THEN do a proper one.
Yes, which you mentioned for the first time (getting a proper one done) about.... a dozen posts ago. You do realise this thread is now on page 5, right??
And, you still think your plugging fake figures into Excel will be a good "comparison".
But of course, we're all scared of math, what do we know.
Edit: Rolf - blueberry bubblegum for me, please.
Yes, which you mentioned for the first time (getting a proper one done) about.... a dozen posts ago. You do realise this thread is now on page 5, right??
And, you still think your plugging fake figures into Excel will be a good "comparison".
But of course, we're all scared of math, what do we know.
Edit: Rolf - blueberry bubblegum for me, please.
You guys would go for a bubble gum machine instead of lower interest rates... if you know how to calculate interest you'd know the money you save on interest the bank charges is enough for you to purchase multiple bubble gum machines....
The question is, did YOU read that part? Here it is again in case you missed it:
Unless you have the above qualifications, you can do all the graphs you like, but you can't use them! Instead of insulting people who are trying to help you, you could perhaps either take their advice or politely ignore it.
Hey fullylucky, just curious. Are you an engineer?
This is comedy gold, my wife literally just got out of bed to tell me to stop laughing so loud!
I'm good at a lot of things. You'll also notice my threads have the highest views.
You're welcome.
Im not offended by the comments at all. Been called much worse by people I know. If I was worried about a comment from someone on the internet that would be a major concern.
My main concern is that you will be using your own division 43 estimates to make a claim on your tax return. If that is the case the ATO says you cant unless appropriately qualified. They will just deny the deduction and let you try and prove it.
If it is just some modelling exercise which you get a thrill from then all good. Whatever floats your boat as they say.
My main concern is that you will be using your own division 43 estimates to make a claim on your tax return. If that is the case the ATO says you cant unless appropriately qualified. They will just deny the deduction and let you try and prove it.
If it is just some modelling exercise which you get a thrill from then all good. Whatever floats your boat as they say.
I did go to a profesional - thanks.Here you go blacky.
Disclaimer: Remember now this is just a estimate. You need to go to a professional.
Also the highlighted first year cell could be wrong since you didn't give me the other piece of information. but all other cells should be spot on hopefully.
Also the property can't be a non-typical property e.g. 40yr or 60yo house etc.
Its a stock standard house. Nothing exceptional about it.
Your figures are out slightly. Assuming I am using the diminishing value method (which I am according to my proffesionally qualified accountant). Assuming I am using your 'Max' numbers your calcualtion method would have only cost $45,453 in missed depreciation benifits over the first 5 years (I stopped at that point).
Noting that the total depreciation your calculator provided for the first 5 years was $34,917 (using the max) its a variation of in excess of 100%.
From memory you mentioned you studied economics?. I think is a suitable industry for you to be in.
I hope that you somehow learn from everyone on here, who, over a number of threads have provided an insumountable amount of free advice. Some of that advice has included paying a suitable fee for a proffsional to do their job. This includes Finance, Accounting, Depreciation, Legal, etc etc etc. With the best will in the world we cant have all the specialist knowledge required to be successful in any form of business/investing on our own - we need to pay proffesionals.
I admire your attitude in learning as much about as much as possible so that you can understand what is going on, and what needs to be done. But when it comes down to the actual "doing" - leave it up to the proffesionals - and pay them handsomely for their efforts.
Blacky
I think you read the wrong column.
also you added the numbers wrong.
$12,906.96
$7,768.90
$5,933.25
$4,630.84
$3,620.61
= $34,860.56 not $34,917
also you added the numbers wrong.
$12,906.96
$7,768.90
$5,933.25
$4,630.84
$3,620.61
= $34,860.56 not $34,917
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Hey I think you looked at the wrong column. Look at total then they should line up with your figures. (You looked at column 1 when you should have looked at column 3).
You're numbers should fall between the max and min from my list.
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Q1. What's the difference between stamp duty charged on mortgage and stamp duty on property? I don't remember paying a stamp duty charged on mortgage.... When would this be charged and how much is it normally? does this fee have other names? Where can I find this figure?
Q2. Also for the building costs (2.5% per year for 40 years) as well as working out deductibles for plant / appliances for their effective life you should correct for inflation right? or that's not allowed?
e.g. you buy a stove for $1000 the effective life is 5 years.
So for year 1 it would be $200, but for the second year would it be $200 * 1.025 = $205? assume a 2.5% inflation rate? later years $200*1.025^n or do you need to look at CPI from RBA website?
Q2. Also for the building costs (2.5% per year for 40 years) as well as working out deductibles for plant / appliances for their effective life you should correct for inflation right? or that's not allowed?
e.g. you buy a stove for $1000 the effective life is 5 years.
So for year 1 it would be $200, but for the second year would it be $200 * 1.025 = $205? assume a 2.5% inflation rate? later years $200*1.025^n or do you need to look at CPI from RBA website?
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F lucky. The videos you linked are great. Sure they say you "can" DIY. But they also say you may need to show how you worked it out.
Nowhere have you shown or understood how construction cost is even remotely linked to purchase price. It isn't.
Nowhere have you shown or understood how construction cost is even remotely linked to purchase price. It isn't.
Indeed. You are correct. I used the wrong column in your matrix. Apologies. Your spreadsheet is within +/- 20% of the correct figure.
Hope that works out for you.
Blacky
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It's cute how you are trying to appreciate a decline value by CPI.
You have no idea son.
pinkboy
A few posts back you said you would do the exercise of working this out but would pay to get a report done. You clearly are struggling to understand how this works. I have no idea either. That's why I pay for this.
If you are indeed going to pay a professional then you can check your figures once they do their report and see how your accountant uses those figures. It appears very obvious you won't be paying either if those people and don't seem to grasp that you are pulling numbers from your hat and don't know what to do with those (wrong) numbers.
I think the ATO would be enjoying this thread and you deserve what is coming. You may find yourself with a "please explain" if they do indeed monitor this forum.
I also think you have a really suspicious nature about brokers and the other people who could help you rather than this foolhardy DIY which is losing you money whilst you think you are saving it... but you cannot work that out.
