Depreciation on 25 year old property?

[WebBoard]

From: Arn Maz


Could someone advise me? I want to purchase a 25 year old unit in Caulfield.
What depreciation allowance can I claim on the property??

 

[Robert]

Reply: 1
From: Robert Forward


Hi Arn

Not many people on this forum would have enough public liability insurance to "advise" you.

Best to ring around and talk to a few Quantity Surveyors and get the real information from them.

Every situation is different and QS's report are the best way to go when it comes to "tax" time.

You should be able to get one done for $300-500 depending on the company that does it.

Best of luck.
Robert

PS: For names of local QS's in your area, do a search on this site with the word "Depreciation" and look at previous posts.

 

[DaleGG]

Reply: 2
From: Dale Gatherum-Goss


Hi

At 25yrs, you will get very little depreciation on the chattels and none on the building itself . . . unless

the chattels have been replaced recently, and
the building was renovated sometime within the last 10 years.

I'd still get the QS report though as you just never know what it will reveal.

I hope that this helps

Dale

 

[WebBoard]

Reply: 2.1
From: F. F.


The current edition of Australian Property investor discusses this issue and is written by a qualified quantity surveyor. The article is worth a read.

Derek