Query Re Investment property

WebBoard · 13th Feb, 2002

From: Jusitn Rowe

Can anyone confirm the following

If we turn our current house into an investment property, (Which we have lived in for 6 years), when we move out , and repaint, and replace carpets, are these costs allow as a tax deduction??

Are we allowed to depreciate some additions to the house, that we put in last year?

IE Security, insulation, air con, pergola?

Glenn · 13th Feb, 2002

Reply: 1
From: Glenn Mott

Get a quantity surveyor out to prepare a report for you and speak to a good accountant. You will be surprised by what you can claim.

GLenn

Glenn · 13th Feb, 2002

Reply: 2
From: Glenn Mott

HERRON TODD WHITE VALUERS
Lvl 9/ 26 St Georges Tce Perth 6000
(08)9221 8522

DaleGG · 13th Feb, 2002

Reply: 2.1
From: Dale Gatherum-Goss

G'day!

Yes, you can claim depreciation on these items and more. Further, you do not need a QS report in this regard because you will have the receipts and invoices to prove what you spent and when. An accountant would then work out the depreciation that they could claim from these papers.

Have fun

Dale

evensteven · 13th Feb, 2002

Reply: 2.1.1
From: Even Steven

Why should one get a quantity surveyor's report. What exactly is it suppose to achieve?
Thanks

duncan_m · 13th Feb, 2002

Reply: 2.1.1.1
From: Duncan M

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A quantity surveyors report is the one document (aside from receipts) that
the Australian Tax Office will accept when looking to allow/disallow a claim
for depreciation on fixtures/fittings or the actual physical structure of
the property.

Duncan

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A quantity surveyors report is the one document =(aside from receipts) that the Australian Tax Office will accept when =looking to allow/disallow a claim for depreciation on fixtures/fittings =or the actual physical structure of the property.

Duncan

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manny · 13th Feb, 2002

Reply: 2.1.1.1.1
From: Manny B

Hi Duncan,

your posts are always in some MIME format, which take forever to load... is it worth replying using simple text to speed things up a little?

Cheers,

Manny.

duncan_m · 13th Feb, 2002

Reply: 2.1.1.1.1.1
From: Duncan M

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Blame our Exchange Server.. I cant send Plain Text out.. sorry..

-----Original Message-----
From: propertyforum Listmanager
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Sent: None
Subject: RE: Query Re Investment property

From: "Manny B" <manuel.bervanakis@vu.edu.au>

Hi Duncan,

your posts are always in some MIME format, which take forever to load... is
it worth replying using simple text to speed things up a little?

Cheers,

Manny.

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Blame our Exchange Server.. I cant send Plain Text =out.. sorry..

-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager=@bne003w.webcentral.com.au]
Sent: None
Subject: RE: Query Re Investment property

From: "Manny B" =<manuel.bervanakis@vu.edu.au>

Hi Duncan,

your posts are always in some MIME format, which take =forever to load... is it worth replying using simple text to speed =things up a little?

Cheers,

Manny.

To reply: mailto

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Michael Croft · 13th Feb, 2002

Reply: 2.1.1.1.1.1.1
From: Michael Croft

The other reason for using a QS is that if you have done some of the work yourself and replaced items with generic/no name/house brands the QS will often assign 'perceived' market value to the item.

An example of this is 'tradeline' door knobs @ $9.95 being valued at $32.95 each by the QS x 28 knobs. So it's only $644, but take care of the pennies ...........

A better example is a recent reno I've just finished; cost around $8,800 and the QS gave roughly twice that as a depreciable amount. Again not a huge amount, but if you have a few properties it sure does make an impact on your 221d or 1515 or whatever its called = less tax paid.

regards, Michael Croft

manny · 13th Feb, 2002

Reply: 2.1.1.1.1.1.1.1
From: Manny B

I would agree with Michael as well... I built 2 units & knocked $7500 off the contract price for painting, which I did myself for a little over $1000 (with some elbow grease)... the QS report came back valuing the painting at $8000 for the 2 units, which makes it worthwile for me (rather than just claiming the $1000 in recepts)...

Cheers,

Manny.

Jacque · 13th Feb, 2002

Reply: 2.1.1.1.1.1.1.1.1
From: J Parker

Michael and Manny have raised good points. When you're using your own labour, it often works out better financially to get a QS assess the improvements. If, however, he/she puts an item down for less than what it cost you, that's when you produce the receipts to show what it actually cost you.
Cheers, Jacque

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