Depreciation schedule

Hi everyone

Was wondering whether it's worthwhile getting a depreciation schedule for a new one bedroom, one bathroom apartment?

Also, I'm getting curtains installed soon. Should I wait for this to be done before ordering a depreciation schedule?

Many thanks

 

Absolutely. You will get a share of the common area depreciation as well.

No need to wait for the curtains as this can be easily added after as you will know the cost.

 

Thanks Daniel, I am very much a newbie, but learning lots cheers

 

Scott @Depreciator may be able to help here.

 

Yes!

Within the apartment building there'll be things like stairs/lift, amenities, car parks, gardens, etc.

If you have 1 unit in a 20 unit complex, then you can claim 1/20 of the value of the above as well as all the stuff inside your apartment.

 

Even a one-bedder if new should get you conservatively $8000-$9000 in first-year deductions in most cases.

True in theory but the division of unit entitlements is not always so straightforward. A one-bedder will often have less claim to the common area than a three-bedder but it varies from complex to complex. But yes, a lot of people assume they'll have fewer deductions for a unit because of the size because they forget all about the common area.

 

I have a similar dilemma, where I am delaying ordering a depreciation schedule until I install Aircon and fix some small plumbing issues on my IP. Do I need to wait or should I just provide the additional invoices to my accountant along with BMT's report which was done prior to the additional work during tax time?

 

If you would like me to look into the situation for you, I'll see what I can do. Private message me your details (a reference number or address for your existing schedule would be great) and I'll let you know the best option for you.