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Depreciation schedule

Discussion in 'Accounting & Tax' started by peter_h, 28th Feb, 2016.

  1. peter_h

    peter_h Member

    Joined:
    24th Jan, 2016
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    Location:
    QLD
    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
     
  2. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    Perth, WA
    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.
     
  3. peter_h

    peter_h Member

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

    York Finance Broker Business Member

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    Sydney
    Scott @Depreciator may be able to help here.
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    Adelaide, SA
    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.
     
  6. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

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    Australia
    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.
     
  7. SouthBoy

    SouthBoy Well-Known Member

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    20th Aug, 2015
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    Location:
    Ozland
    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?
     
  8. BMT Tax Depreciation

    BMT Tax Depreciation Chris Business Member

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    22nd Jun, 2015
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    Location:
    Australia
    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.