Depreciation schedule timing

Discussion in 'Accounting & Tax' started by Jamesaurus, 20th Nov, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Jamesaurus

    Jamesaurus Well-Known Member

    Joined:
    18th Dec, 2017
    Posts:
    439
    Location:
    Canberra
    Looking at getting a Depreciation schedule on new IP due to settle in December- anyone have any thoughts on if this is best done before settlement before the tenants move in? or if its better off waiting until closer to the end of the financial year?
     
  2. Depreciator

    Depreciator Well-Known Member

    Joined:
    15th Jun, 2015
    Posts:
    1,963
    Location:
    Sydney
    If it's a property that will need an inspection, it is always good to do that before tenants move in - easier for everyone. Anything you subsequently do to the property can be added to the Dep Schedule using your costs. We have clients who get their Schedules updated every year.
    Scott
     
    Ross Forrester and Paul@PAS like this.
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    Updating a QS report annually wouldnt need a site inspection would it ? Its only additions (at cost) or scrapping (obsolete, destroyed or replaced) and for a new IP there wont be any scrapping.
     
  4. Depreciator

    Depreciator Well-Known Member

    Joined:
    15th Jun, 2015
    Posts:
    1,963
    Location:
    Sydney
    Nope. No visit needed for updates where clients have costs.