Items purchashed since depreciation report.

Hi all

I had a depreciation report carried out just after settlement on my 1st IP.
Since then, I have made some repairs (2 new toilets and a replacement back door) and wondered what if any impact this has on the depreciation report.

How do I include these (or perhpas I dont?) as depreciated items, or do I claim them as something else ?

Many thanks.

Neil
 
Repairs can be written off in the financial year that you incur the expense but it must be rented for a 'reasonable' period beforehand. Since you did this post settlement but pre-tenants you can only depreciate the items.:(

You accountant can deal with it, if you give him/her the receipts. Technically speaking they get added to the depreciation schedule.
 
Repairs can be written off in the financial year that you incur the expense but it must be rented for a 'reasonable' period beforehand. Since you did this post settlement but pre-tenants you can only depreciate the items.:(

You accountant can deal with it, if you give him/her the receipts. Technically speaking they get added to the depreciation schedule.

Thanks Prop !
 
Top