DEPRECIATION:Claims 4 older home

[WebBoard]

From: James Hardy


Just about to rent out what has been our home.

Do I need to get a quantity surveyor in?

(If so can any one recommend a good one in Melbourne?)

It is an old but fully renovated house built about 1910-1920. The renovation was done in 98/99 involving a with new kitchen, bathroom and lounge and fence.

I have also just painted the property prior to renting it out next month.

What can we (can't we) claim?

Also if I leave major electrical items in the house such as dishwasher fridge etc can I claim any of these as any sort of deduction?

Regards,

new to all of this!

Budeboy.

 

[manny]

Reply: 1
From: Manny B


Hi James,

YES you can & should get yourself a Quantity Surveyor in to produce a depreciation schedule, as your renovations are fairly recent, new paint job, possibly good appliances, you would be surprised on what depreciations you will get... the new API magazine has a good example on old IPs & it may be worth a read...

Cheers,

Manny.

 

[WebBoard]

Reply: 1.1
From: James Hardy


Thanks for that last reply.

Can you recommend any good ones in Melbourne?

regards,

 

[manny]

Reply: 1.1.1
From: Manny B


Hi James,

in Melb I use Stephen Foley (from Foley & associates) based in Moonee Ponds, ph: 9370 8611...

Some times he can get a little busy, if so he can recommend others...

Cheers,

Manny.

 

[Owen]

Reply: 1.1.1.1
From: Owen .


Also get your house valued by an independent valuer. The the quantity surveyor can then estimate the value of your depreciable items based on this value, renovation or not. It is effectively the same as them doing a report based on sale price but in this case, no sale.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"