Sounds to me like you've answered your own question.
In these repairs vs. capital improvements it really can be a case by case basis and lots of grey areas.
On the face of it….i'd probably start with a repair….
If you don't start that way – you'll never be able to go back.
washingtonbrown replied to the topic Did you know that you can claim depreciation on your overseas property? in the forum Overseas Deals 7 years, 1 month ago
Sure did know that
We get around these days!
If it's soooo good – why do they need to sell it to Aussies! Surely all the Americans would buy?
At one property expo I exhibited at recently….about a third of the stands were all selling US properties.
That made me worried!
You can see all the submissions here in relation to removal of depreciation.
I think they should increase to 4% building allowance to encourage investment and save money.
If you're interested read the Washington Brown submission.
We have people in certain parts of the world.
I wrote this article on the topic some while back:
I hope it helps
washingtonbrown replied to the topic contract of sale this financial year but settlement next financial – can you claim deductions now and depreciation schedule when in the forum Legal & Accounting 8 years, 3 months ago
As you are not settling until July…..you won’t be able to claim anything this financial year.
The report will start from Settlement.
Might be best to organise the QS to inspect just prior to settlement – so as to not disturb the tenants if you have one immediately.
I have strong views on this topic. You can’t “self assess” the construction costs and it’s not supported by our Institute.
Further – read Tip 11 here:
You now need to make sure anyone you are dealing with is a Registered…[Read more]
washingtonbrown replied to the topic Can anyone recommend a depreciation schedule specialist in WA: Perth/Mandurah? in the forum Legal & Accounting 9 years, 8 months ago
We do work in that area if you are interested.
Hi PleeThat's a really good question.With regards to World Square – we act for Meriton Apartments – so we have all the plans, specs and costs etc.So you could feel more comfortable using us in this interest.RegardsTyron HydeDirectorwww.washingtonbrown.com.au
washingtonbrown replied to the topic Depreciation Schedule when builder quotes turnkey price in the forum Legal & Accounting 10 years, 3 months ago
TR 97 / 25 Par 28 indicates who can estimate the construction costs where the costs are unknown. Valuers and accountants CANNOT the Par reads like this:28. Appropriately qualified people might include:
· a quantity surveyor, who has expertise in the relevant type of construction; · a clerk of works, such as a project organiser for major bui…
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