Depreciation of fittings

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From: Megan Bruton


Hello,

I am new at property investment, so I need some additional information about depreciation calculations using the PIA software. We are buying our first investment property. It is a residential duplex that is 9 years old. How do we calculate the depreciation of fittings on a 9 year old property? Currently we have it on the original default rate which is tied to the current purchase price. This does not seem correct since the majority of the interior fittings are now almost 10 years old. Can anyone give me guidance in this area?
 
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From: Owen .


A Quantity Surveyor will produce a report based on the purchase price of your property and work out the depreciation of each item that way. If you just looking at the moment then a conservative estimate in PIA (or none at all) will still give you figures you can work from.

Remember, depreciation and tax breaks are not the reason to buy a property. They are just the icing on the cake.

Owen

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