question regarding depreciation and recommendations.

[Hodge]

I'm planning to get a depreciation schedule done for a property that I've nearly finished renovating. Does it matter if I don't have receipts for the items that are able to be depreciated? Everything inside is brand new but some items were given to me by my tradie mates and some items I had floating around.

Also can anyone recommend me a company? I'm happy to pay for quality and someone that's on the ball. Property is in Melbourne.

Thanks.

 

[jrc]

If you have been given things wouldn't their cost base be zero.

 

[Paul@PFI]

The cost base will be zero if you base depreciation on actual cost. If you obtain a schedule the value of the acquisition will not be based on actual cost. After all who has 10yr old receipts for every fitting ?? That the job of QS to estimate these things. This is a key benefit of obtaining a depreciation sched from a QS.

Q : Did you pay for improvements to common property NO ?? Yet its still depreciable/ cap allow / deductible.

Cost may guide the QS. Get schedule from a QS who will visit the IP and not do a desk report. You may find items for immediate w/off alone pay for the report in y1.

I use BMT but deppro and others also very good too. Loads of choice.

 

[Hodge]

Thanks Paul, much appreciated.