Could someone give me some ins and outs with depreciation schedules.
1, Is it worth getting if I bought a property a few years ago and plan to sell it shortly? can I save on the capital gains tax by having this.
2, Lets say I pull down a fence and replace it, no doubt I could claim part of the old fence, (lets just say the old fence is worth $10,000 and my accountant claimed $5,000 of this over a period of time and then I sell the property, will I have to pay the tax back on this and will it work out to be even again? no gain for me.
3, I had a tenant that spent around $50,000 in one of my properties (this one is commercial) by adding in ducted aircon, flooring, ceiling, walls, doors, windows etc. If I have a depreciation schedule done, could I benifit from this to save on capital gains tax when I sell the property?
4, Can depreciation schedules be back dated, if so how far back can they go?
1, Is it worth getting if I bought a property a few years ago and plan to sell it shortly? can I save on the capital gains tax by having this.
2, Lets say I pull down a fence and replace it, no doubt I could claim part of the old fence, (lets just say the old fence is worth $10,000 and my accountant claimed $5,000 of this over a period of time and then I sell the property, will I have to pay the tax back on this and will it work out to be even again? no gain for me.
3, I had a tenant that spent around $50,000 in one of my properties (this one is commercial) by adding in ducted aircon, flooring, ceiling, walls, doors, windows etc. If I have a depreciation schedule done, could I benifit from this to save on capital gains tax when I sell the property?
4, Can depreciation schedules be back dated, if so how far back can they go?