How much depreciation can I expect to claim?

Discussion in 'Accounting & Tax' started by Timmah, 16th Sep, 2017.

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  1. Timmah

    Timmah Well-Known Member

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    Hi guys me again, just sourcing more useful information as usual :) I'm wondering what kind of depreciation I can expect to claim on my unit this year, it was built in 2004 in Surfers Paradise. Is there some sort of mathematical equation as to finding a figure for a depreciation deduction?

    I realise this question may be the same as asking how long is a piece of string, so please go easy as I'm still very early stages of learning and investing! Thanks :)
     
    Timmah, 16th Sep, 2017
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    how old is it/?
    is it new?
     
    Terry_w, 16th Sep, 2017
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  3. Timmah

    Timmah Well-Known Member

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    The complex was built in 2004, I paid 295k for the unit 1 bed 1 bath fully furnished. Dishwasher, fridge, washing machine, dryer and all the usual furniture.
     
    Timmah, 16th Sep, 2017
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    when did you sign the contract?
    What is your estimate of the construction cost?
     
    Terry_w, 16th Sep, 2017
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  5. Timmah

    Timmah Well-Known Member

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    I signed the contract about 2 months ago. And I'm not too sure what the construction cost was in 2004 is there a way of finding out? Thanks
     
    Timmah, 16th Sep, 2017
    #5
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Westminster, 16th Sep, 2017
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  7. Timmah

    Timmah Well-Known Member

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    Timmah, 16th Sep, 2017
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  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, get a QS to estimate!

    You probably cannot claim any of the fixtures and fittings 0 dishwasher etc, unless you purchased them direct.
     
    Terry_w, 16th Sep, 2017
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  9. SimonQld

    SimonQld Well-Known Member

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    If you signed a contract post 9 May 2017 then you can't claim the plant and equipment and depreciation will be limited to the building depreciation. Hence, an on-line calculator is probably of no benefit as it will probably tell you inflated amounts inclusive of plant and equipment.
    If you tell me the full address of the unit I can probably give you a ball-park figure for the building depreciation as we've most most likely been to the complex.
     
    SimonQld, 18th Sep, 2017
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  10. Washington Brown

    Washington Brown Active Member Business Member

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    Washington Brown, 18th Sep, 2017
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  11. Paul@PAS

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

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    Does it demonstrate the benefit of a post 9th May 2017 contract acquisition and the deferred CGT benefit if the Div 40 isnt available as a deduction ?
     
    Paul@PAS, 18th Sep, 2017
    #11