unit reno and tax deductions

[tb007]

HI,

Hope you don't mind answering this simple question - I had some work carried out on my unit, new kitchen and floor, carpet, paint, new doors and locks ; builtin.

My question is if I have all the receipts, do I still need a depreciation report? Can't my accountant work it all out.

Also the unit was not rented for about 6 months during this period. Any impacts.

Thanks

 

[D.T.]

Definitely depreciable.
Accountant can definitely go via the receipts.
May as well get a proper report, cost is tax deductible and may find way more stuff.

 

[bobby85]

don't forget other items they can depreciate
- hot water tank
- blinds
- shower curtains
- air con (if you have one)

I think with one of the depreciation companies I use, they do the schedule first and if the return for you isn't higher than the fee they charge then they scrap it altogether (no cost to you).
Correct me if I'm wrong. I've always gotten a return, even on old units that i've bought without any major touch ups (apart from a splash of left over white paint).

 

[Paul@PFI]

don't forget other items they can depreciate
- hot water tank
- blinds
- shower curtains
- air con (if you have one)

I think with one of the depreciation companies I use, they do the schedule first and if the return for you isn't higher than the fee they charge then they scrap it altogether (no cost to you).
Correct me if I'm wrong. I've always gotten a return, even on old units that i've bought without any major touch ups (apart from a splash of left over white paint).

The accountant can only calculate depreciation for items expensed in that year which are supported by receipts. All the other costs such as those acquired and completed by former owners would be lost. A QS tax report should be prepared and may access all those other deductions.

As mentioned above when the value gets lower that the thresholds they may writeoff some items in some tax periods too. The accountant cant assess those costs.