How to depreciate new items after depreciation report

Discussion in 'Accounting & Tax' started by hash_investor, 23rd Nov, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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    Hi all, I did a depreciation report last year for tax purposes and will use the same report this year too. However I will have some other new items installed in the property like oven and dishwasher. Do I just deduct these new items and do the depreciation normal way or change the depreciation?
     
    hash_investor, 23rd Nov, 2017
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Some depreciation companies will amend the depreciation schedule for free or a fee depending on which one you used.

    Alternatively just take the receipt to your accountant when you do your tax return and they'll know what to do.
     
    D.T., 23rd Nov, 2017
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  3. Depreciator

    Depreciator Well-Known Member

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    Just get whoever who did the Dep Schedule to put the new items in. We do that all the time.
     
    Depreciator, 23rd Nov, 2017
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  4. Paul@PAS

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

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    The QS is a good first option as they may also write off the old item IF it can be w/off. An up to date schedule is quite valuable.

    Many taxpayers will encounter issues with QWS reports from now on where what was once depreciable may end and then become a CGT issue. The QS may be a ideal first approach in such cases.
     
    Paul@PAS, 23rd Nov, 2017
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  5. hash_investor

    hash_investor Well-Known Member

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    QS?

    free?
     
    hash_investor, 23rd Nov, 2017
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  6. Paul@PAS

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

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    Quantity Surveyor...Most of the QS firms that are frequent here (BMT, Depreciator / Washington Brown) tend to make changes for no charge. Depends on extent I guess.
     
    Paul@PAS, 23rd Nov, 2017
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  7. Depreciator

    Depreciator Well-Known Member

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    Of course. Don't tell anyone, but it only takes a few minutes to add some items and reissue a Dep Schedule.
     
    Depreciator, 23rd Nov, 2017
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  8. Paul@PAS

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

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    Thats what i see daily as reason to use certain quantity surveyors. Its a service industry and one of the indicators of quality
     
    Paul@PAS, 23rd Nov, 2017
    #8