Depreciation: Electrical items??

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From: James Hardy


Hi Just about to rent out our existing home to turn it into an IP.

If we choose to rent the house out with electrical items such as dishwasher, washing machine, dryer can we claim these as items for depreciation and at what rate?

Thanx!
 
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Reply: 1
From: Rixter ®


James,
Yes you can claim them, the rates vary for different fittings...you can down load this info from the ATO website or ask your accountant.. However I would suggest getting advice from a Quantity Surveyor, especially so if you are intending to keep it as an Investment Property long term.
Happy Investing,
Rixter :)
 
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Reply: 2
From: Geoff Whitfield


James,

I agree with Rixter about the Quantity Surveyor. He can give you a full depreciation schedule, which will cover anything depreciable, not just appliances. This will include depreciation of the buildings, if applicable. My last QS had about $5,000 worth of depreciation for the first year (only $1,000 was building depreciation), so well worth the money ($880- deductible- for 3 cottages).

Geoff
 
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Reply: 2.1
From: J Parker


Get a QS- best money you will spend as far as tax deductions go on your property. It's amazing what they come up with that you just wouldn't think of. Depending on what state you're in, prices start from about $385.
Cheers, Jacque :)
 
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