When to do a depreciation schedule?

Friend if mine is settling on an otp apartment, she'll be living in it for a year to take advantage of the stamp duty concession and fhog. Would it be better to do a depreciation schedule immediately after settlement (but not use it until she moves out) or when she leases it out?

 

I would tell her to wait till she is about to move out - and I have a vested interest in telling people to do these things as early as possible.
Scott

 

And waiting might be good because there may be repairs or additional items purchased which could be incorporated into the schedule.

 

Anyone know of any EOFY deals/discounts on purchasing a QS report/ depreciation schedule?
(NB property is in Melbourne)

 

Tax law may impose on the buyer the requirement to use the former owners QS report as manyOTP aparts come with a report. Also the acquiistion date is important and issue of any additions by the former owner. Its an issue the QS could advise on

 

Peak period. Discount ?LOL

 

I can get discounted depreciation reports via DEPPRO via my aggregator software.

 

If a Depreciation Schedule was a piece inventory that a company was keen to get off the shelves (and off the books) before June 30, there would be plenty of discounts around. Best time to get a discount on a Depreciation Schedule is probably at the beginning of January when our industry is very quiet and everybody is thinking about the cricket and not tax stuff. Right now, it's crazy.
Scott

 

Is depreciation schedule a state based thing or could be done by a QS anywhere in Aus ?

 

commonwealth - anywhere

 

Do they need to visit the property or they just do it online?

 

They should probably inspect the property to see what is claimable. Otherwise you might be missing out.

 

Sometimes if its a big build the major QS firms have already surveyed the building and need the interior fitout only. Do you know which firm did the build schedule ? Often BMT, Deppro or Washington Brown. Ask the builder who they used. May be cheaper.