Depreciation Schedule Timing

Hi

I am soon to settle on a 3 Bed OTP town house.

I haven't had a settlement date yet, but indications are it will be within the next 6 weeks. I would imagine given the stage it is at, I could get access to the property for the purpose of a depreciation schedule.

Is there any benefit in trying to get the depreciation report completed before June 30,
or should I just wait until I am certain about settlement and have the keys etc?

If I want to vary my tax for next financial year, does the timing of the schedule affect this ?

Thanks

Neil
 
Hi Neil

There is no need to have a report done pre 30 June.

The only reason people seem to get excited about "needing" their reports pre 30 June is so that our fee can be claimed in that year, rather than waiting to claim it in the next financial year.

I imagine a lot of these reports that are "needed" before 30 June then sit in a pile of paperwork until the trip to the accountant some months later.

I consider it best to wait until properties settle so in the remote chance it doesn't settle, you don't have any more unnecessary expenditure than is needed.

In the event you do settle pre 30 June, your tax claim will only be for the period up to 30 June in any case, which could be a matter of days only. In that case, the QS fee might be more than your claim for the few days anyway so deferring the report until the next year won't cost you.

Regards
 
Hi Neil

There is no need to have a report done pre 30 June.

The only reason people seem to get excited about "needing" their reports pre 30 June is so that our fee can be claimed in that year, rather than waiting to claim it in the next financial year.

I imagine a lot of these reports that are "needed" before 30 June then sit in a pile of paperwork until the trip to the accountant some months later.

I consider it best to wait until properties settle so in the remote chance it doesn't settle, you don't have any more unnecessary expenditure than is needed.

In the event you do settle pre 30 June, your tax claim will only be for the period up to 30 June in any case, which could be a matter of days only. In that case, the QS fee might be more than your claim for the few days anyway so deferring the report until the next year won't cost you.

Regards

Thanks for that Neil - makes sense now!
 
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