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depreciation for an old unit

Discussion in 'Accounting & Tax' started by property inquiries, 26th Apr, 2016.

  1. property inquiries

    property inquiries New Member

    Joined:
    26th Apr, 2016
    Posts:
    1
    Location:
    parramatta
    I bought an old unit built in 1979...the previous owner had lived in it for like 8 years, did a bit of renovation when they moved in, changed to wooden floor, fresh paint, later on changed stove and hot water tank...
    because the building is pre-1985, I thought there is no point of getting QS report for depreciation, not much done to the property...

    But recently I've received quote from companies doing this depreciation report, guaranteed that it'll worth the money to do it...I guess everyone's situation is different in terms of tax deduction, but when these companies promised that they'll save your tax for whatever you are paying for the report, how does it work? I mean really? not that I'm not trusting them, but are there anything can be depreciated from an old unit? or as long as they say so, then there is no problem?

    Has anyone used their schedule to claim tax deduction by yourself? is it easy to use at all?

    Thank you in advance for everyone's input!
     
    BMT Tax Depreciation likes this.
  2. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,400
    Location:
    Sydney
    Most reputable firms (BMT, Depreciator etc post here regularly) offer a fee that ties beneficts to cost. If they cant find value its often free. Speak to either firm and they will guide you.
     
  3. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    There will be depreciation worth claiming in that flat. Just send whatever QS you have been talking to a bunch of photos and ask them to estimate how much before you commit. That way you can make an informed decision.

    Scott
     
    Nick Valsamis likes this.
  4. Adele

    Adele Well-Known Member

    Joined:
    11th Dec, 2015
    Posts:
    189
    Location:
    Melbourne
    @property inquiries
    I had 1 done for a commercial property, 100yo with not much in the way of renovations done to it. Was pleasantly surprised with the amount of deductions I received.
     
  5. GreenGoblin

    GreenGoblin Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    74
    Location:
    Melbourne
    OP, Depreciator (Scott) used to (and may still) offer a service for older properties, where you just send through photos of depreciable assets from their checklist and provide details of your property. They did a depreciation schedule for a late 1960s IP we own for a very reasonable fee and we were very happy with their service.

    I suggest contacting their offices on 1300 660 033 and asking if they still offer this service.
     
    Nick Valsamis likes this.
  6. Proper T

    Proper T Member

    Joined:
    30th Nov, 2015
    Posts:
    9
    Location:
    Sydney
    A bouquet for Depreciator. The reno on my Federation terrace is finally finished. I booked in an inspection and the QS was professional and efficient. Forgot to mention PropertyChat until the last minute but when I did, the generous discount was subtracted from the bill.