Older Property: is depreciation schedule worthwhile?

[jweg]

hi all... probably a silly question. Just bought an IP and found out it is 33 yrs old (nice bonus as we hadn't expected any depreciable value left). Built 1979. Can anyone advise how a quantity surveyor woudl calculate its original construction cost?

I assume it was quite cheap to build in 1979, so is it actually worth the trouble of getting a Deperciation schedule prepared (??)

 

[Propertunity]

It would certainly be worthwhile getting a QS to do a depreciation schedule done if the property has undergone renos since construction.

 

[Neil Richardson]

Jweg

Unfortunately built in 1979 means you cannot claim depreciation on the original construction costs.

Anything prior to 18 July 1985 you cannot claim.

Your property may have had some capital renovations or additions done, the costs of which you could claim if they were done after the above date.

Your plant items, such as carpets, a/c etc. are depreciable.

Cheers