Depreciation Schedule on PPOR?

[slingshot]

Hi all,

Quick question.

Just about to rent out my PPOR. It is virtually brand new due to extensive reno's. I will obviously be claiming rent received as income.

Should I get a depreciation schedule done up for tax purposes as with an IP? Or are there no benefits as it is essentially my PPOR?

Thanks all.
Sling

PS Hoppy Easter

 

[Ms Jade]

I'm a bit confused. Are you planning to be living there as well or will you be moving somewhere else? If the latter, your PPOR is regarded as an IP. If you are renting elsewhere & so do not have another PPOR it makes no difference.
Definitely get a depreciation schedule.

 

[JoshyBoi]

if you are renting it out and not living there, you can claim depreciation as it is effectively an IP (note as an aside: you could still claim the PPOR exemption for CGT if you don't have another PPOR as you are for eg renting somewhere yourself) but this doesn't affect your ability to claim depreciation...the question then is...do you want to claim depreciation?

 

[slingshot]

Hi Miss Jade & JB

Sorry if if my question seemed a little vague. I think you have both pretty much answered my question but just to clarify:

I will not be living in ppor myself.

I will be renting elsewhere.

I will not have another ppor in the near future.

I will want to claim the CGT ppor exemption in the future unless a better opportunity comes along.

I will want to claim depreciation if it won't affect the CGT exemption.


I hope that clears it up!

Thanks very much for your responses

Sling