All Topics / Help Needed! / Can I claim for depreciation?

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  • Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25

    Hi everyone

    I have a question regarding to the depreciation. I have a house which is over 40 years old (I guess) and I plan to rent it out. About 1 year ago, I

    – renovated the whole kitchen (new appliances)

    – painted whole house

    – polish the floor

    – fix garden…

    So if I rent the house out, can i claim for depreciation? If yes, can anyone suggest me where I can get depreciation schedule report? should I do it before or after I rent out the house?

    cheers

    Eric

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Hire a quantity surveyor . Not sure on the garden but Painting, Kitchen Appliances, Curtains, Ect can be depreciated but knowing the effective life of each item is difficult thats why a quantity surveyor is good as they work it all out and hand you a depreciation schedule that you hand to your accountant.
    easier do do without a tenant as getting access can be difficult.

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    You'd want a good accountant too – one that's specialised in the field of property investment.  A book I'm reading at the moment has a section on Adrian Hill.  He sounds like he knows his stuff.  This is his accounting company: http://www.superiortax.com.au/

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of www_ericwww_eric
    Participant
    @www_eric
    Join Date: 2009
    Post Count: 25

    Thanks for the suggestions.

    Also, I am moving to a brand new 3 bedroom apartment. I plan to rent 1 or 2 rooms out. Can this apartment consider as an investment property?  Can I claim for depreciation?

    cheers

Viewing 4 posts - 1 through 4 (of 4 total)

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