Hi guys,
With tax-time fast aproaching I am thinking about getting a derpreciation schedule done by a quantity surveyor/depreciation specialist on my IP but i'm not sure if in my case it will be worth the money. My situation:
*Property (detached house, double brick) is 39 years old (built 1973);
*Had a 1 room extension in fibro, tile, colourbond. But i'm not sure when this was built, possibly 10yr ago;
*Contains some newer fittings (2 reverse cycle AC, hot water system, irrigation station, 1-5 years old) but not much;
*It has only been an IP for 1 month, I have only owned it for 9 months;
So my questions are:
Q) Being so old, with only a few newer fittings and not many upgrades, is it worth paying to have a depreciation schedule done?
Q) As is has only been an IP for 1 month, will I therefore only recieve 1/12th of a years depreciation
Q) Can the full cost of my depreciation schedule/inspection be claimed in my tax return this year?
Q) Anything else i'm not considering?
Thanks in advance!
With tax-time fast aproaching I am thinking about getting a derpreciation schedule done by a quantity surveyor/depreciation specialist on my IP but i'm not sure if in my case it will be worth the money. My situation:
*Property (detached house, double brick) is 39 years old (built 1973);
*Had a 1 room extension in fibro, tile, colourbond. But i'm not sure when this was built, possibly 10yr ago;
*Contains some newer fittings (2 reverse cycle AC, hot water system, irrigation station, 1-5 years old) but not much;
*It has only been an IP for 1 month, I have only owned it for 9 months;
So my questions are:
Q) Being so old, with only a few newer fittings and not many upgrades, is it worth paying to have a depreciation schedule done?
Q) As is has only been an IP for 1 month, will I therefore only recieve 1/12th of a years depreciation
Q) Can the full cost of my depreciation schedule/inspection be claimed in my tax return this year?
Q) Anything else i'm not considering?
Thanks in advance!