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  • Profile photo of ChrisChris
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    @bmt-tax-dep
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    July 3, 2018 - 2:05 pm

    3. Depreciation of fixtures and fittings won’t be available because the house is not new. Only building works could be claimed.

    It could still be lucrative, though. Have I missed above anywhere where it says how old the building is? Deductions from depreciation could still be in the thousands p.a. for quite some time.

    • This reply was modified 5 years, 10 months ago by Profile photo of Chris Chris.

    Chris | BMT Tax Depreciation
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    Profile photo of ChrisChris
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    July 3, 2018 - 1:56 pm

    Probably, yes.

    The occasional/incidental use rule is a grey area and there’s information on the ATO website that we believe is soon going to be out-of-date. At the moment we feel like anything more than a week (say, on an annual basis) could very well test the definition of “occasional”. That advice has come from the NTAA.

    Chris | BMT Tax Depreciation
    https://www.bmtqs.com.au/
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    Maximise the cash return on your investment property

    Profile photo of ChrisChris
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    January 5, 2018 - 5:09 pm
    Codie wrote:

    Build cost is $341k.
    Reasonably mid to high level build.

    Those figures of 27k are from a simple phone conversation- someone’s opinion.

    Codie wrote:

    Im yet to speak with BMT and have an appointment with my tax accountant tomorrow, although I need to find a different one that actually owns property and better understands what we are trying to achieve..

    Hi Codie,

    I saw your post and it interests me. I’m going to have to step in and say that I agree with some opinions already given: $27 000 in first-year depreciation seems a lot for a build cost of this size. I would estimate more in the realm of a bit over half that. Maybe think more in a window of $12 500-$15 500, the lower end of that window being quite conservative.

    Chris | BMT Tax Depreciation
    https://www.bmtqs.com.au/
    Email Me | Phone Me

    Maximise the cash return on your investment property

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