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
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