depreciation shedule

[arms]

does anyone have a spreadsheet for depreciation or keeping track of expenses on my 4 houses ,
much appreciated in advance

 

[frehnejc]

Just get a quantity surveyor in they do a schedule for you for 40 years.

 

[Cherry Pro]

try Scott of "Depreciator" from the Forum... he's been very helpful.

cheers

 

[depreciator]

Thanks Cherry Pro.

Tom, I'm not entirely sure what you're looking for. I don't think you'll find a 'spreadsheet for depreciation'.

Just record all your expenses on an Excell. Keep each property seperate.

Extract from it any tasks that are legitimate repairs - you'll claim those in full.

Send the rest to me and I'll explain how to treat the expenditure.

Scott

 

[Chris.R_WA]

Hi Scott,

Very quick, very basic question:

If I convert my PPOR to IP before the end of this FY, (expected lease to start 18th June), how much (if any) of the depreciation for 06/07 is pro-rated?

ie. Can I only claim 5/52 of the depreciation available for this year??

Thanks for the help!

Chris

 

[Rickardo]

Hi Scott,

Very quick, very basic question:

If I convert my PPOR to IP before the end of this FY, (expected lease to start 18th June), how much (if any) of the depreciation for 06/07 is pro-rated?

ie. Can I only claim 5/52 of the depreciation available for this year??

Thanks for the help!

Chris

Chris,

From a tax perspective, expenses become deductible once the property becomes available for rent.

So depreciation will be claimable from the period 18 - 30 June.

 

[Chris.R_WA]

Thanks Rick,

I suspected that would be the case!

Chris

 

[depreciator]

From a tax perspective, expenses become deductible once the property becomes available for rent.

So depreciation will be claimable from the period 18 - 30 June.

That applies to the building. Depreciation available on it (depending on when it was built) is pro-rated. So yes, it will be 2/52.

But Assets (fixtures and fittings) are different.

Any Assets valued under $300 on the first available to let date are written off in full in the first year.

Any Assets valued between $300 and $1,000 may go into the Low Value Pool. The Pool depreciates at 18.75% in the first year regardless of whether that year is 2 weeks or 50 weeks.

In lots of cases it's worth claiming depreciation on properties made available for let toward the end of the year.

Scott

 

[ritchie77]

In relation to the last part.... If I purchased IP as follows:
Contract date = 20 May 2007
Settlement date = 20 July 2007...

Then, can I claim all depreciation including building dep at 2.5% from 20 May... ie 5/52 weeks???

 

[depreciator]

Nope. You can claim it from the first available to let date. In many cases this is the day after settlement.