Depreciation Report

Discussion in 'Accounting & Tax' started by giraffez, 27th Mar, 2017.

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  1. giraffez

    giraffez Well-Known Member

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    I need to get one of these done on a new investment property. The property hasn't settled yet, can this be done before settlement so that it doesn't disrupt the tennants?

    Is it true that the depreciation report should be done as early as possible?

    How long does one of these take?
     
  2. Property Twins

    Property Twins Finance Strategists Business Member

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    As long as you have the report arranged prior to doing your tax return for the year, you should be fine.

    @Depreciator will be able to advise further.
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Coordinate it for the final inspection prior to settlement.
     
  4. Dan Donoghue

    Dan Donoghue Well-Known Member

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    +1 for recommendation of Depreciator here too :).
     
  5. Depreciator

    Depreciator Moderator Staff Member

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    Thanks all.
    Giraffez, best time to do an inspection is before tenants get in there. Before settlement is great if the agent will play ball and allow access.
    It is useful to do the Schedule not long after purchase in case you need to replace an Asset in the property. If the Schedule is done, the value of the Asset you are replacing will have been captured so your accountant can claim it. Then the new Asset goes into your Dep Schedule - we don't charge to update them.
    Scott
     
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  6. giraffez

    giraffez Well-Known Member

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    Thanks all

    Thanks Scott. Will give your office a call. I just realised that I did my previous property through you also. I completely forgot because it was so long ago! You offer a previous customer discount? ;)
     
  7. Stoffo

    Stoffo Well-Known Member

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    Mentioning to @Depreciator that you are a forum member gets you a great discount ;)
    (And deductable anyway)
     
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