Depreciation Schedules for a knock down rebuild

I did a knock down and development and am now putting my depreciation data inputs together and the quantity surveyor requires the following:

• Total construction cost (build price excluding the cost of the land)
• Copy of the assets list/inclusions/specifications (so we know what the builder included as per the above)
• Copy of the floor plans
• Details of any extras/additions (if applicable)

Does the total construction cost include things like council rates during construction, power/water during construction, bank interest during construction (unsure on that one), etc?

What about disconnection fees for utilities on the old property that was knocked down?

Unfortunately they are closed today.

@Depreciator

 

Those types of things are holding costs and so I wouldn't expect they could be included at all as they are not things which depreciate.

 

Westminster is right. those things don’t relate to the actual building itself. Your accountant will claim them in other ways.
Similarly, demolition is not part of depreciation, nor are the costs associated with subdividing land.
Scott

 

Scrapping deductions arent available for development. But if the property was a former rental then it could be considered and tax advice could confirm that matter.

Our developer toolkit addresses many of these matters. Rule 101 for developing is to get tax advice before commencing. If your records are wrong it will impacts costs and issues later like:
GST, How profit is calculated, apportionment, contractor payment report etc. Few costs are deductible through the life of the build. Most costs are included in the carrying value of the project (ex GST ? or incl GST ? or some of both ?) and offsets the after GST income

We no longer provide for free the developer workbook that is used as part of the toolkit but its given to clients after advice.