Should I get a Depreciation Schedule ?

[Bez]

Hey everyone, I was just wondering if I should get a Depreciation Schedule done for my IP ?
I dont realy know much about my IP tho, I think the real estate agent said it was about 30years old, it has a renovated kitchen but I dont no how long ago it was done..
Other than that I dont realy no much about it..
Its a 2bedroom unit in a block of 6 units..

Is there stuff I need to find out before getting a Depreciation Schedule done ?

Thanks..

 

[Peter_Tersteeg]

So far I've never seen a depreciation report that didn't pay for itself, regardless of the age of the property.

 

[s_t]

So far I've never seen a depreciation report that didn't pay for itself, regardless of the age of the property.

you might want to qualify that........

A depreciation report for someone who pays no tax is not going to pay for itself........it will cost you a lot.

It is only beneficial if it saves, on tax, you what it cost you!

 

[Bazza]

Hi Bez,

Yes definately get one. We can deduct about 5-6K pa on our IP's. Of course that deceases with time up to 20 years.

If your house was built after Sept 1987 you get 2.5% until 2027. But you may have additions/renos that were built after 1987 even if it is an old house so it's still worthwhile.

I recomend the depreciator http://www.depreciator.com.au They do an excellent job.

Cheers,

Bazza

 

[Simon]

I got a house built in 1960. My QS report was worth $7000 deductions in the first three years and cost me $600 (deductible).

I use www.depreciator.com.au

They offer a guarantee that you recover the cost in year one or get the report free - so you cannot lose.

Ciao,

 

[mystery]

I had 3 of our IP's done last year .... two of the IP's were around 30 years old and one was 14 years old, ..... Washington Brown did ours Dep schedules and we did very well with this years tax return a depreciation rebate.

For us it was definitely worth it.

Martin

 

[Bez]

Thanks guys, ill defently look into it now..

I need to find $500 a year to make my property CF+, hopfuly a depreciation schedule can get me there

Thanks

 

[depreciator]

It's always worth talking to a QS. When people send us photos, I get one of our guys to give me a rough idea of the expected depreciation. That way you can make an informed decision about whether to get a Depreciation Schedule done. We do this for a couple of people every week I'd say.
Scott