DS for an IP older than 40 yrs?

[Elke]

We bought an IP recently that is more than 40 yrs old. Our accountant advised there was no point to get a QS to do a depreciation schedule because the time for depreciation ie 40 yrs since construction, has already passed. She advised that we would get no savings/benefit/ depreciation so may as we'll save our $665 for the report.

Is this true? would there be any point to getting a QS?
We used BMT for our other property but it's less than 20 yrs so am unsure on this one.

Ta

 

[DaveM]

Is there any renovation works done? If so you would get depreciation on any works done.

Example, I have a 3br house that was originally built in 1965. Older kitchen (late 80's), newer bathroom (90's), 80's rumpus room extension. No depreciation you might think?

QS from Depreciator picked up everything, eg new alumnium windows, roof restoration, undepreciated building works etc, and all in gives me about $2500 pa in depreciation.

 

[travelbug]

Send the details of the property to them and they will let you know whether it's worth doing.
Mosty QS won't do one unless you get your money back in the first year (well www.depreciator.com.au does).

 

[D_One]

Contact the depreciator. He would advice from pictures whether or not it is worth getting a depreciation schedule. They may even be able to provide you with a report based on pictures and list/costs of improvements.

 

[Deltaberry]

Your accountant sounds lazy and has no idea what he's talking about. Fire him.

 

[knightm]

I refer you to this thread, it really is worth reading.

 

[Elke]

Thanks all for your input. The general consensus is to get a appreciation schedule done. It is clear there were renovations done to the house since it was built. We do not have records of these renovations but hopefully a QS will be able to see what to do.

 

[Elke]

I meant DS... I'm using voice recognition software...

 

[Paul@PFI]

Most of the big QS firms (Depreciator , BMT etc) offer a fee based on value. ie If they cant find deductions it may be free.