Apologies if this has been answered before or is in the wrong section but is a depreciation schedule necessary/advised for a brand new IP or do you use the paperwork provided by the builder?
Thanks.
Thanks.
Depreciation on newly built IP
- Thread starter Property Mogul
- Start date
You still need the schedule, because the builder does not itemise everything so there is still some estimation required of what individual items (eg an oven) cost, even though you know the total amount.
Also, it would be a lot of paperwork and headache for you to calculate the depreciation each year without a schedule. If you have an accountant, they would no doubt charge you extra to calculate this anyway, so you might not save any money by not getting one.
Also, it would be a lot of paperwork and headache for you to calculate the depreciation each year without a schedule. If you have an accountant, they would no doubt charge you extra to calculate this anyway, so you might not save any money by not getting one.
Yes, it is a must and you should give a copy of the contract/ paperwork to the QS to make it easier and save you money. I would recommend Scott (Depreciator) or Tyron (Washington Brown)- both members here; try sending them a PM
www.depreciator.com.au
www.washingtonbrown.com.au
www.depreciator.com.au
www.washingtonbrown.com.au
