Deduction

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From: Mike .


Construction Deduction
From: Dave!!
Date: 26 Oct 2000
Time: 20:06:03

Hi all,

Here's the senario. You're about to buy an IP. You estimate it was probably built in the mid 80's. If it was built between 18/07/85 to 15/07/87 you can claim 4% of the construction cost for the following 25 years. If built after 15/09/87 you can claim 2.5% for 40 years.

My question is how can you quickly and cheaply find out the exact date the building was constructed?

 

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Michael Gruber

Reply: 1
From: Mike .


Re: Construction Deduction
From: Michael Gruber
Date: 26 Oct 2000
Time: 23:37:00

Contact your local council.

Find out when they started charging rates on that block. That would likely be the time the house was first built.

I came across this tidbit when gathering data for a quantity surveyor for my depreciation schedule.

I wanted to find the "land value" and the council said that the records only went back to when the place was built. So there ya go. It may not be spot on, but it should be close.

Just ask for when the 1st rate notice or land valuation was issued/done.

Regards Michael