Depreciation Schedule from previous owner
- Thread starter dehgam
- Start date
1. You wont have to pay for it. $ saved.
2. It depends...Have there been improvements or capital repairs and works to the specific unit or to common areas since that QS report ?? In 3 years this may be unlikely but can also be quite normal if defects in the initial design and function have been corrected since.
If its only a three year old property I wouldnt bother. If you do find a QS provider with a guarantee and give them the original they can assess if its a go or no-go before wasting their time or your $. BMT offer such a guarantee.
2. It depends...Have there been improvements or capital repairs and works to the specific unit or to common areas since that QS report ?? In 3 years this may be unlikely but can also be quite normal if defects in the initial design and function have been corrected since.
If its only a three year old property I wouldnt bother. If you do find a QS provider with a guarantee and give them the original they can assess if its a go or no-go before wasting their time or your $. BMT offer such a guarantee.
I would accept the Schedule and then get your accountant to recalibrate the assets.
The problem with just picking up the existing Schedule and running a with it is that all under $300 Assets have been written off and the Low Value Pool will have taken some big bites out of the $300-$1,000 Assets.
The problem with just picking up the existing Schedule and running a with it is that all under $300 Assets have been written off and the Low Value Pool will have taken some big bites out of the $300-$1,000 Assets.
Personally I would suggest you get a new report done. If the depreciation report was included in the contract (very unlikely) then you have to use it. You can use the original opening values and get the accountant to "recalibrate" it (eg things that were say $300 and completely written off may be "recalibrated to $250 and completely written off again). However, if the ATO comes knocking, how are you going to justify where you get the opening values from? If you show them the previous report they would likely say you need to use that report (without the "recalibrating") and use year 4 onwards of their depreciation schedule, thus missing out of a large chunk of depreciation. All the $300 items you can't claim and the items <$1000 would be almost completely written off.
I would bight the bullet and get a report done. You would likely be getting more deductions than getting an accountant to adjust it. Particularly if the report was one of these ones prepared by the original builder/developer as they often aren't that great.
Possibly go back to the QS who originally did it (assuming it was done by a reputable QS) and tell them you have bought the property and see if they can update it based on your purchase. Should be much cheaper than getting one done from scratch.
I would bight the bullet and get a report done. You would likely be getting more deductions than getting an accountant to adjust it. Particularly if the report was one of these ones prepared by the original builder/developer as they often aren't that great.
Possibly go back to the QS who originally did it (assuming it was done by a reputable QS) and tell them you have bought the property and see if they can update it based on your purchase. Should be much cheaper than getting one done from scratch.
