Depreciation - Self Evaluation or Schedule?

[MickInvestor]

Hi All,

I have a contract on a post war 1959 place at the moment and I understand that I can't claim any depreciation on the building itself but it has a recently installed new roof, a new small deck at the rear, new carpets in 3 bedrooms and I will be installing a new kitchen, new tiles in the kitchen and dining room and a new 2.5 horse power split airconditioner.

My questions are:

1. Is it worth getting a depreciation schedule?
2. How does the self evaluation work for depreciation and is it worth doing that instead of a depreciation schedule?

Thanks in advance

Mick

 

[Bazza]

Hi Mick,

I would get the depreciation schedule. We have about 5-6K pa of deductions from each IP. All the renos will add up.

I recommend "The Depreciator" www.depreciator.com.au

Cheers,

Bazza

 

[LynnH]

I agree with Bazza - definitely get a depreciation schedule done! We have an old Queenslander and I didn't think we would get much depreciation out of it, but the improvements (deck, new bathroom, polished floors, internal painting) added up to a very pleasing deduction.

Cheers
LynnH

 

[warrioress]

I second the use of Scott from the Depreciator. Very quick and very reasonable.

 

[MickInvestor]

Thanks Guys - I will send Scott a message

 

[steveadl]

Defintiely go the schedule! I love those things!!

 

[Aulyna]

?

I second the use of Scott from the Depreciator. Very quick and very reasonable.

Hi warrioress,

Who is scott? How can I contact him?

Thanks,

Aulyna

 

[Bazza]

Hi warrioress,

Who is scott? How can I contact him?

Thanks,

Aulyna

You can find his contact details at www.depreciator.com.au

Cheers,

Bazza