All Topics / Help Needed! / Rental for 12 months. Should I get a depreciation report?

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  • Profile photo of JZ_33JZ_33
    Participant
    @jz_33
    Join Date: 2014
    Post Count: 28

    I just purchased a two bedroom apartment in a relatively old unit block (35 years) and as part of the contract with the vendor, I have allowed him to stay on and rent the apartment back for a period of up to 12 months while he is looking to buy a house elsewhere.

    Considering that I plan to move in around 12 months time or so, I’m wondering if it is worthwhile getting a depreciation report done for the property. Everything in the apartment is super dated from the carpet to the kitchen, bathroom etc. And whilst I know a depreciation report captures much more than that, I’m wondering if I will be better off just getting my accountant to depreciate the ‘simpler’ things, or pay the extra few hundred $$ for a quantity surveyor to capture everything.

    Any thoughts?

    Profile photo of D.T.D.T.
    Participant
    @dtraeger
    Join Date: 2014
    Post Count: 128

    Yes, I would.

    Depreciation schedule for a pre-1988 place should be $330 which is tax deductible in itself, and surely the first year’s worth of depreciation would be into the 4 figures.

    D.T. | DT Property Management
    http://www.dtproperty.com.au
    Email Me | Phone Me

    Adelaide Property Management - whole Adelaide metro

    Profile photo of daniel vicdaniel vic
    Participant
    @daniel-vic
    Join Date: 2013
    Post Count: 120

    I agree with dt every small bit helps at tax time

Viewing 3 posts - 1 through 3 (of 3 total)

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