Just looking at an IP built in 2010... I'm wondering how significant depreciation claims will be for a property a few years old ...?? I know best claims are with in first few years from brand new ....
Varies depends on whether it is a house/apartment etc. 10-15k wouldn't be out of the question just in the first year. Depreciation reports typically costs around 700 and lasts 20+ years, you make more than the cost of it back in tax deductions after just the first year, even significantly older property... let alone one that is only 6 years old.
I agree, Chat to BMT they are good in that they do it all for you and won't do it unless they can show you benefits. e.g. if it's too expensive to have the report done and you won't be able to claim back significant savings then they won't do it. I use them on all my properties. There are cheaper companies out there, but you have to do all the work yourself. Thanks Adrian
Hi Anna, if you're still looking to get a depreciation schedule let me know as we refer a lot of business to quantity surveyors and get great discounts. $300 + GST if they can get away without having to do a site visit. Or if you give me an idea of what kind of property and how much it was originally I can give you a rough estimate. Thanks,
You can't go past Depreciator: A Tax Depreciation Schedule Prepared By Australian Quantity Surveyors @Depreciator posts here frequently.
our previous ppor now ip was brand-new when we bought in 2010, we moved out in 2013; we didnt know about buying depreciation reports and our our accountant did depreciation for us since then . should we buy the report now or keep continuing with what our accountant did for us?? we have a long term relationship with our accountant & she has been good
I have used BMT, but I was far from impressed. I have also used Depreciator, and been very impressed. I know which one I'd use.
we were asked to provide all the items and prices so we did is it too late to buy depreciation package now after 2 years??
I am not sure, but there is probably a few things your accountant has missed and also their estimates may be wildly inaccurate. You may be able to amend tax returns, but first speak to Depreciator or BMT and see whether they think you should get a proper report done.
Is it worth it to get the more in-depth (and expensive) report which includes an assessor to attend site? I understand the need if it's a fairly new house to maximize deductions but say it's ex housing commission property in original condition built around 1980. Wouldn't the cheaper one (no site assessor) be sufficient? The difference is about $400.
@Depreciator advises me whether he wants to do an onsite inspection, or can just write one up based on photos.
It all depends on the property. In a pre 87 built recent purchase where there are no renos, the only depreciation will be in the Assets: appliances, carpet, HWS, blinds etc. Sometimes it is hard to justify a visit. Of course, we are always happy to charge more and visit the property if people want us to.
