Depreciation schedule for old Hobart house

Hi All,

I purchased an IP in Hobart back in January and am weighing up whether a depreciation schedule is worth getting or not. I've always gotten them on previous IPs but they were all purchased prior to the 2017 law changes.

The main part of the house is over 100 years old with an extension containing the kitchen and bathroom that's around 50 years old. The kitchen would be 20 years old, the bathroom around 10. After purchase I had the whole house painted ($5500 - big house with 11ft ceilings and the walls were very rough), laid new carpet right through ($4000) and fixed up a few other bits and pieces with windows, weatherboards and installed a new IXL in the bathroom (all up around $3000).

Given this information, is it likely that there's enough that a dep schedule would be worth considering?

Thanks,
Dave

 

Some of these companies guarantee you will get the tax benefit of their fee back in year one or it is free.

 

Request a quote from one of the scheduler but I suspect their answer will be, not worth - too simple and it as items can be handled by your accountant

 

So the structural renos done after 87 can be depreciated at 2.5%. Let's say previous owners spent $15,000 on the bathroom and kitchen. That's $375 per year.
The depreciation on the existing Assets: appliances, floor coverings etc needs to be deferred i.e. you claim it when you sell the property. There would be a few thousand dollars there. And putting a value on them is useful because if you toss something out you will know what to claim.
Any money you have spent you accountant can claim or it can be put into a Dep Schedule.
Scott

 

So what Scott said I agree with - Get a QS to prep a report that incorporates your costs AND prior work. That the hidden bit I cant see or do as a tax agent...Dont underestimate that. ie When were kitchen appliances added, when was last reno, a/c, heater, HWS ?? Thats going to provide a CGT benefit one day. The cost benefit outcome appears evident.

 

What they said...not as lucrative as in the past - but still worthwhile.