Tax Depreciation Schedule

I understand that I need to do a Tax Depreciation Schedule after I purchase my IP.

Question is:
- do I need to re-do my Tax Depreciation Schedule if I were to change carpets in my 2nd year?
 
No you would just give the invoice to your accountant and he/she will work out the depreciation for you and add it in as extra.

Or if you do your own taxes you can work it out yourself by checking the depreciation allowances on the ATO website (don't ask me where!)
 
I think I get it now, correct me if I am wrong.

We do Tax Depreciation Schedule for the things which we didn't "pay" for, so we need an estimated value. For the things we pay for, we know the values and can use it without having to estimate the value.
 
someone who specializes in depreciation

No you would just give the invoice to your accountant and he/she will work out the depreciation for you and add it in as extra.

Or if you do your own taxes you can work it out yourself by checking the depreciation allowances on the ATO website (don't ask me where!)

Would we be better off getting someone who specializes in depreciation??

My accountant done my latest IP for me,however,although I believe she done a good job,would we get a greater benefit if we paid some one else??
I believe some turn key builders supply the depreciation with there sale?
Very curious for next year?
 
The age of the property in part dictate whether it is worth paying a QS to visit the property.
It's unlikely the vendor will let you send a QS in before settlement.
But do it before you get tenants in.
 
So the original building can't be depreciated - too old.

Any decent renos?

There will depreciation the Assets: cooktop, oven, rangehhod, carpets, HWS blinds etc. The quality of these will determine in part whether it's worth you paying someone to go there. Do you have any internal phots of the place?

Scott
 
Any decent renos?

There will depreciation the Assets: cooktop, oven, rangehhod, carpets, HWS blinds etc. The quality of these will determine in part whether it's worth you paying someone to go there. Do you have any internal phots of the place?
Scott



Yes, can I email you at your email address below?
 
Yes. Email Scott. He just prepared 2 for me. I'm happy.

I would have had to pay tax this year if not for one depreciation schedule.

Thanks Scott.
 
Top