Hi everyone I have a 2 bedders apartment in Melbourne and have been trying to sell it. After 3 months, no one makes any offer. Hence I have to rent it out. I still want to sell it eventually, a year or when the market turns around.. do you think it is worthwhile to do a depreciation schedule? Thanks in advance!
Maybe, maybe not. Is it existing or new ? Discuss with a QS as you havent explained much. They will help guide you. Many issues prevent or limit depreciation. And when you sell what you have claimed is recouped and may have minimal benefit in the sort term. And a buyer wont be able to claim the Div 40 even if your QS report does allow it.
Hello, Vee. A Quantity Surveying firm can answer that but they'll need more information. Helpful information is: * Approximate settlement date (and exchange date, if in 2017) * Approximate age of building * Whether you've lived there and for how long * Whether you're renovated it, with a brief description of what, when and how much was spent * Anything out of the ordinary, such as fully furnished or dual occupancy I'm very happy for you to send a message through to me if you'd prefer to do it that way.
Thank you guys.. i did not realise that whatever I will be claiming is eventually going to be recouped. Does it make a difference since it was a PPOR initially? I do not think it will not be subjected to any CGT. I have stayed there for the past 7 years and just recently moved to a bigger place. I tried to sell the apartment but offers made are just ridiculously low.
Yes being a PPOR will make a difference. Cost base will be market value on the date it was first rented.
Thanks Mike. I forgot about this! The 6 years PPOR exemption rule would apply. , Hence the market valuation is not really relevant since my intention is to sell 1-3 years time. Am i right to say that? Thanks!
If that did not happen the valuation by an agent opinion may still help. In 3 years a costly valuer would be needed