NSW Depreciating Unit in 2770

Hi guys, I am currently doing some research on depreciating my mount druitt unit as I don't think I am getting the right amount each year. This one is a 2002 built, good condition with floor boards and new blinds. Last year depreciation value was 6K while I believe it should be close to 10K which some online estimates tell me. Is that correct? How much are you guys claiming for a similar unit?

 

Hi @hash_investor did you arrange for a depreciation report from a quantity surveyor?

@Depreciator on the forum specialises in these.

 

A 13 yo unit and still expecting $10k depreciation? The unit wouldn't have cost $130k to build so unless you have replaced the entire interior you'd be scratching.

 

Meth lab equipment does have a short effective life. Get a report done would be my opinon.

 

According to my information, the depreciation is estimated when you buy it not when it was built

 

You claim depreciation from when you start renting out a property, but the build cost is estimated as of the year of construction.
A 13 year old apartment in a building with lots of common areas, a pool, elevators, underground parking, good kitchen appliances, central air con etc etc will yield more depreciation than one without that stuff.
Your flat in Mt Druitt might have fewer bells and whistles.
Scott

 

This one has most stuff other than elevator and pool?

 

Gym, concierge, security building, extensive landscaping?

 

Yes

Only a min walk mate!

 

You may have to engage another company to do a depreciation schedule for you to see the difference then.

 

If the gym is not part of the strata complex, you cannot claim depreciation or capital works on it,

 

Thanks. That was some sarcasm being thrown here and there.

 

That's why we can't see $10k/yr in this building without major reno work being undertaken.

 

A 13 year old walk-up in Mt Druitt is likely to yield closer to $6K in depreciation than $10K.
Did we do the Schedule? It's not a big deal to get it reviewed.
Scott