Replacement of driveway and guttering - new Deprec Schedule ?

[Tom Alaka]

Hi All,

We need to replace the driveway and guttering to one of our IPs.

We already have a depreciation schedule for the property.

Should we obtain a new deprec schedule ( from the same company) once the work has been done, or should we account for these two items seperately.

Im leaning towards getting a new deprec schedule done, but just wanting a bit of a sounding board on this.

Thanks,
TA

 

[depreciator]

How long have you owned the place for? You might be able to claim some of the guttering as a 'repair'.

I'm sure whoever did the Depreciation Schedule for you will add those items free of charge.

Scott

 

[bernardp]

The guttering may be classfied as a repair. If you have time read through TR 97/23 - a beautiful ruling on repairs and IP's.

http://law.ato.gov.au/atolaw/view.htm?docid=TXR/TR9723/NAT/ATO/00001

The driveway would be 2.5% Prime cost... no real need for a new schedule..