Depreciation Report

Hi guys got a question that I am unsure the answer of.

One of my IPs was bought In early 2016, I lived in it for 6 months then been rented out.

A friend of mine bought a similar property. Built & completed about the same time, almost identical size & cost & on the same street. Can I just use his depreciation report or I have to get my own?

My accountant said I have to get my own but thought should get some second opinion(s).

 

how do you prove the values of your constructions and fittings?

 

My reports have my addresses on them. Try explaining a different address to the ATO when they ask :/

 

Maybe fullylucky could do you a spreadsheet (LOL)

 

Have you got every exact appliance listed on his depreciation schedule? Highly unlikely.

Get your own done cor about $600 tax deductable.

 

Extract
Built & completed about the same time, almost identical size & cost

So they are not the same, why would you think you can use the same report?

It is like me saying I am going to use one of my fellow colleague's group certificate as we are nearly the same age and we almost do an identical job except we look after different clients but we both work at the same company so should I use his group certificate?

Spend the money or don't get the benefit of the deprecation.

 

Even if they were identical properties what would you say to the ATO?

 

LOL - No you cant. Why you being tight its only $600 or so from BMT and you can claim that back on tax as well.

Just get one done.

 

why the lol ?

@fullylucky was actually offering to do it for people, he argued it was all a nonsense to not do it his way.

Maybe he has a point now ?

 

Or the longer explanation.......

 

Obvious vested interest aside, all of the above. Even if you had the exact same design by the exact same builder with the works completed on the exact same date for the exact same cost and then with the exact same landscaping, blinds, air conditioners, etc., added (again, with the exact same costs and dates), you are still--to put it nicely--fudging it by using somebody else's legal document. In what other situation would this be acceptable?

If your settlement date, date it became available for income, construction date, or a single fitting (and so on) is different then so will your deductions be different.

 

Even if they were identical duplexes the report is not for your property. And its a breach of copyright. ATO would disallow the claim - And impose penalties for being reckless. ..The could invoke the fraud and evasion rules too allowing them to review this anytime into the future.

Its not different to copying your friends car logbook, rego papers and receipts and arguing you have a similar car.