My IP is pretty basic.
I had sought advice from the group to see if getting a QS done before my renovations (about $3000) or after.
The IP is pretty basic-
Wall oven
cook top
TV aerial
lino in kitchen (I wish to replace)
carpet throughout (I wish to replace)
low cost curtains (replace with verticals)
fly screens on windows.
The feeling was get a QS done after the repairs and improvements. The QS firm I contacted (one that was spoken highly by some in the group) says:
"Dear Scott,
Thank you for your email.
The cost of a tax depreciation schedule for a residential property in
Currans Hill is a once off fee of $550 (inclusive of GST).
To maximise your tax entitlements it would be best to have a schedule
prepared before you renovate.
You would loose the depreciation in the old carpet if you were to replace it
prior to the schedule because regardless of it's age you are entitled to
depreciate plant and articles at market value and give them a new effective
life that commences from settlement date.
I dont quite understand what they mean. I dont wish to pay for a second QS report after renovations. Can anyone suggest the best course of action. I am in a negative cash flow so any depreciation amounts is important
Thanks Scott
I had sought advice from the group to see if getting a QS done before my renovations (about $3000) or after.
The IP is pretty basic-
Wall oven
cook top
TV aerial
lino in kitchen (I wish to replace)
carpet throughout (I wish to replace)
low cost curtains (replace with verticals)
fly screens on windows.
The feeling was get a QS done after the repairs and improvements. The QS firm I contacted (one that was spoken highly by some in the group) says:
"Dear Scott,
Thank you for your email.
The cost of a tax depreciation schedule for a residential property in
Currans Hill is a once off fee of $550 (inclusive of GST).
To maximise your tax entitlements it would be best to have a schedule
prepared before you renovate.
You would loose the depreciation in the old carpet if you were to replace it
prior to the schedule because regardless of it's age you are entitled to
depreciate plant and articles at market value and give them a new effective
life that commences from settlement date.
I dont quite understand what they mean. I dont wish to pay for a second QS report after renovations. Can anyone suggest the best course of action. I am in a negative cash flow so any depreciation amounts is important
Thanks Scott