Depreciation Report -wld you get one?

[Moyston]

Basically, this is it..had PPOR for 8 years, it was built 1995. Renovtions were done late last year and now we have moved out and its now turned into an IP.
Due to age etc, is it worth getting a depreciation report done on this house. No real new apliances or anything added, but just a spruce up paint and gardens....a new garage was added in dec 12...free standing colourbod tyep one...

We are debating if it is worth it for a house of this age..the cost isnt a worry, its knowing if its not wasting their time etc to go out and come back and say..well we looked..you have SFA...is it worth it ? thanks

 

[EN710]

1995?? thats a young house. Yes get a report

 

[skater]

Don't try to be fully lucky! Get a report!

 

[DaveM]

Yes you will have lots of depreciation, get a report

 

[Neil Richardson]

As everyone has said (except FL) yes at the ripe old age of 1995, there is plenty to claim.

 

[Paul@PFI]

I wouldn't even be considering not getting one. The present value of reno's, plant & equipment (ie AC , kitchen appliances etc) may be far higher than expected. Even the capital allowance from way back in 1995 at 2.5% would be a deduction of a few thousand dollars. Each year. For a few hundred outlay. You have 21+ years of deductions left ($40K + as a crude estimate.)

Many of the reno's may be eligible for accelerate depreciation / pooling etc.

You should also have committed to writing your evidence and opinion on the value of the former PPOR at the date you commenced renting it. That is the value that will be subject to future CGT.

All reasons why tax advice can save money rather than cost money.

 

[Moyston]

thankyou...tick..will arrange!...

yes I read the FL thread on doing his own ..

cheers!

 

[Rixter]

Yes get one.. its money for jam.

4 out 5 people with an investment property have never even heard of a Quantity Surveyor and there is literally $miilions of dollars each year going lost in unclaimed depreciation deductions because of it.

 

[Moyston]

Any direction on a company that does it located eastern side melb areas?

 

[antistar]

Any direction on a company that does it located eastern side melb areas?

I use BMT and would highly recommend.

 

[ericproperty]

Yes, get one, it worth it.

 

[Television]

Any direction on a company that does it located eastern side melb areas?

Depreciator (who's been commenting on this forum and providing free advice for about... forever) is nationwide and highly recommended by many forum members.

 

[Moyston]

Har..it pays to speak to the Missus...she works accounting firm..she says.." you idiot" we use BT all the time...so the wheels are in motion..thanks

 

[EN710]

Har..it pays to speak to the Missus...she works accounting firm..she says.." you idiot"

I'm sure she said it in a lovely tone

 

[daniellee]

Definitely get a schedule. Depreciator is pretty good and I use them for both my IPs.

Claim those depreciation because it is lost if you don't and you still have to reduce the cost of your property by the 'depreciated amount' when you do sell. So might as well use the depreciation to help your cashflow.

 

[Jamie_]

Not that hard to do it yourself, plenty of videos

 

[coastymike]

Danielle is a paid shill for depreciator.

Moyston is a paid shill for BMT

AnTistar is just moyston to provide fake paid support.

Paul he is a just a tax agent what would he know. Doesnt even have a youtube video. Paid shill.

 

[Jaggannath]

Danielle is a paid shill for depreciator.

Moyston is a paid shill for BMT

AnTistar is just moyston to provide fake paid support.

Paul he is a just a tax agent what would he know. Doesnt even have a youtube video. Paid shill.

haha love it, given you kudos too recently