do i need a new depreciation schedule

[dee]

With the new rules introduced this yr are they retrospective.
I had a schedule done a few yrs ago with a quantity surveyor, does this need updating?

 

[Rixter]

Hi Dee,

I just contacted my QS @ Deppro re this same question. The answer came back as they are not aware of it (the latest changes) effecting any previous QS schedules.

Hope this helps

 

[geoffw]

The latest rulings from ATO are only applicable to properties purchased on or after July 1 this year. There were some "clarifications" last year which ruled that some items were being depreciated incorrectly. Schedules which claimed items incorrectrly will have to be changed. (I think there were items like bathroom cabinets, flywire screens etc which were claimed as separate items but which were ruled to be a part of the fabric of the building, therefor 2.5% only applied).

 

[yadreamin]

Dee
l asked this same question a couple of weeks ago.I wish l could lead you straight to it. !!l am learning!!

I bought an ip in march and l knew the house was to old for building depreciation but rang my QS and he said l would be wasting my money getting a QS report done on fixtures and fittings and my accountant will just be able to do the figures.

My accountant told me last week that ATO request a QS report on all rental props. and the QS should have known this.

Its now an inconvinience for my tennant and myself.

Such a reputable company l am dissapointed to say the least.

cheers yadreamin

 

[geoffw]

yadreamin

Your help is appreciated. However, just to point out that your situation was slightly different. You had not had any QS report done- dee had already had one done a few years before.

 

[yadreamin]

Sorry l didn,t make it clearer Geoff.

Yes l did ask the same question a couple of weeks back with my exicting QS reports and then l also added in the recent problem l had.
Just trying to make people aware the ATO now insists on these reports and no longer just accept the accountant assesment.

sorry for the mixup
cheers yadreamin

 

[geoffw]

A good clarification. Thanks yadreamin (can I just call you idi amin for short? )