Depreciation for renovations on 1950s house

I bought by 2nd IP in Jan 2018
1950s 3 bed house in belmont (geelong)
paid $442,500
spent $30,000 on renovations ($20K labor, $10k expenses)

I'm a bit unclear what I can claim on depreciation Vs expenses
Is it still worth getting a schedule given age of property?

Any thoughts much appreciated

 

depends on what you mean by 'renovations'
Also depends on if there were any renovations of the house before you.

 

When you say 'expenses', do you mean you are wondering what you can claim as deductions for repairs vs depreciating over time?
Nothing, probably.
If you bought a house with existing defects and spent money improving it, you are in depreciation territory.
Scott

 

When did you pay for the renovations ?

 

thanks for replies!
renovations included extensive bathroom renovation, converting laundry into second bathroom, kitchen renovation and general painting.
yes my concern is depreciation Vs expenses
I paid for the renovations mostly after the rental lease had been signed

 

So you have improved the property. You can't claim that work as repairs.
Structural stuff you claim at 2.5%. That includes kitchen cupboards and benches and painting.
Any brand new Assets, like appliances, you depreciate more quickly.

 

At least they are new assets so eligible for the division 40 where applicable.

Division 43 still ok

Id call any of the depreciation companies and see whether it is worth getting one.