Where can I find details on age/cost of extension?

Hi guys

I have recently purchased my first IP which has had a previous extension. My understanding is that as the extension is less than 40 years old I can depreciate the cost of the extension?

My question is: Do I need to find out the details of this extension in order for a quantity surveyor to add it to the schedule? If so, where can I find this info?

Any help or advice would be greatly appreciated

Cheers,
Beelzebub
 
You'll need to have a QS go out to do the depreciation report either way.

For anything that's unknown, they know how to work it out and/or estimate it in a legal manner.
 
If it's a decent sized extension, the council may have records of a building application.
It's going to need to have been built after September 1987 for you to be able to claim anything on the building works.

Scott
 
Council is first stop.. but just say "oh hi i am thinking about buying xyz and was wondering what a building approvals are on record". Dont let on about the extension, some councils love to hear about unapproved extensions then turn up to request it be made approved.

Otherwise sometimes materials are stamped with manufacture date (pvc piping is a good one to look for). Or you can generally tell from the materials used and in particular the colour of materials (brown, silver, white aluminium channel window frames).
 
Thanks for the help guys; two rooms were added to the house, I'd take a guess and say sometime in the 90s, but I have no idea.

I guess first stop will be general enquiry with council. Will let you know how it goes.
 
I have recently purchased my first IP which has had a previous extension. My understanding is that as the extension is less than 40 years old I can depreciate the cost of the extension?

That's not exactly how it works. New capital works depreciate for 40 years if they were constructed after 1987. A 40 year old building (i.e., built in 1975) has no depreciation on its original construction.

So the quantity surveyor can make reasonable guesses as to the age and cost of reno? :)

That's exactly what we do and why you need us!

Thanks for the help guys; two rooms were added to the house, I'd take a guess and say sometime in the 90s, but I have no idea.

I guess first stop will be general enquiry with council. Will let you know how it goes.

I wouldn't bother with the council. If it's a recent purchase then you'll need a depreciation schedule anyway. If the provider finds out that the extensions are claimable as capital works on top of your existing claim then all the better.
 
That's not exactly how it works. New capital works depreciate for 40 years if they were constructed after 1987. A 40 year old building (i.e., built in 1975) has no depreciation on its original construction.



Ah yes sorry, I was aware that the cut off was 87 (year I was born, stuck in my head) I got a little mixed up while typing I think. Thanks for clarifying it all though, Appreciate it.
 
Hi

Your Quantity Surveyor should do the research for you and establish the build date from either the site visit or council records. On older properties the chances are that the property has had some improvements made over the years which should be included in your Tax Depreciation Schedule.

Mark
 
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