Just wondering...
Taa,
newlywed1311
Taa,
newlywed1311
Should I have a depreciation schedule done for a 20 year old IP?
- Thread starter newlywed1311
- Start date
Newlywed1311,
I'd advise getting one.
Assuming built in 1989, the building cost would have 20 yrs depreciation to run, so even if the building cost was $30,000 back then, @ 2.5%, you're on $750 pr yr for next 20 yrs, So a report more than pays for itself.
Previous owner may have made other mods within last 20 yrs that could be depreciated, further assisting you.
For the cost (approx $600), it's worth it.
Go for all the deductions you legally can from the ATO. You'd be suprised how many people do themselves out of dough by not claiming all they're entitled to. Sheer madness if you ask me.
Project 1080
The project: 10 IPs in 80 mths.
I'd advise getting one.
Assuming built in 1989, the building cost would have 20 yrs depreciation to run, so even if the building cost was $30,000 back then, @ 2.5%, you're on $750 pr yr for next 20 yrs, So a report more than pays for itself.
Previous owner may have made other mods within last 20 yrs that could be depreciated, further assisting you.
For the cost (approx $600), it's worth it.
Go for all the deductions you legally can from the ATO. You'd be suprised how many people do themselves out of dough by not claiming all they're entitled to. Sheer madness if you ask me.
Project 1080
The project: 10 IPs in 80 mths.
Thanks very much for your responses. The house was built 1989 and I guess every cent of tax reduction helps, especially over the long term. I'm trying to find out the building cost - does anyone know who you ask for this information - it's not in the Section 32.
There's a new oven and dishwasher plus a pergola on the back (that I don't think has a Council permit - will this matter?). New carpets but probably no other major upgrades. Oh, timber window blinds, fans in the bedrooms...they count? How do you work out when they were installed - ask the owner?
Thanks again, will definitely think about it. Is on a 900sqm block of land - that's the main reason we like it - potential to subdivide.
Thanks again everyone.
There's a new oven and dishwasher plus a pergola on the back (that I don't think has a Council permit - will this matter?). New carpets but probably no other major upgrades. Oh, timber window blinds, fans in the bedrooms...they count? How do you work out when they were installed - ask the owner?
Thanks again, will definitely think about it. Is on a 900sqm block of land - that's the main reason we like it - potential to subdivide.
Thanks again everyone.
You probably won't find the building cost written down anywhere on an 89 built property.
A QS will work out the build cost. And the cost of the pergola. The QS will also put a value on the oven, carpet etc as of when you bought the place.
Scott
A QS will work out the build cost. And the cost of the pergola. The QS will also put a value on the oven, carpet etc as of when you bought the place.
Scott
Thanks Scott, much appreciated. Do I have to utilise a QS locally. I am guessing they'll need to do a walk through of the property, ie, it's not someone you can utilise remotely??
Thanks Rixter, not sure if Depreciator goes to rural Victoria??? Had a look at the website but it doesn't identify what locations they cover.
Call Scott on the 1300 number....he will look after you.
Thanks Rixter.
We've got about 60 guys across the country, so we can help out in most cases.
I'm not in the office today, newlywed, but I'm in tomorrow and Friday (except when I wander down to Darling harbour for that home show thing) if you want to have a chat.
Scott
We've got about 60 guys across the country, so we can help out in most cases.
I'm not in the office today, newlywed, but I'm in tomorrow and Friday (except when I wander down to Darling harbour for that home show thing) if you want to have a chat.
Scott
Do you cover regional Victoria - like Mildura??? That's where we've bought.
Taa.
Taa.
Sadly no, Newlywed.
We've got a couple of guys in regional Vic, but they're not terribly close to Mildura. Strangely, we get few calls for Mildura abd it's a pretty big town.
I don't suppose you have any photos of the place? If you email them to me I'll get someone to work out a ballpark depreciation claim. I can work out some sort of solution for Mildura, but I would want to make sure it's worth it from your perspective.
[email protected]
We've got a couple of guys in regional Vic, but they're not terribly close to Mildura. Strangely, we get few calls for Mildura abd it's a pretty big town.
I don't suppose you have any photos of the place? If you email them to me I'll get someone to work out a ballpark depreciation claim. I can work out some sort of solution for Mildura, but I would want to make sure it's worth it from your perspective.
[email protected]
Scott, I have emailed you directly.
Thanks for this,
newlywed1311
Thanks for this,
newlywed1311
