All Topics / Help Needed! / First Time Investor Seeking Depreciation Schedule

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  • Profile photo of Da ManDa Man
    Member
    @da-man
    Join Date: 2004
    Post Count: 37

    Hi guys,

    I'm settling on my first IP next week.  YAY!

    Am looking for a QS to prepare a depreciation schedule.  Could someone please advise :

    1.  Any recommendations on who to use (IP is in western Sydney)

    2. What the preparation involves ie: will I simply ahve to give the QS access to the IP for an inspection?

    3.  what is the usual turn around time for preparation of the schedule?

    Profile photo of propertypowerpropertypower
    Member
    @propertypower
    Join Date: 2006
    Post Count: 312

    Hi Da Man,
    Firstly, congratulations on your first IP.
    You can use Depreciator (http://www.depreciator.com.au). I have used them couple of times and found them very prompt.
    Is the property established or brand new. If its brand new, you can give the building contract to the QS but I prefer the QS to go to the property because sometimes everything is not mentioned in the building contract.
    Because the property is in Sydney suburbs, I think the QS should be able to provide the schedule within a week or so.
    Good luck

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    I use Depreciator as well.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    Probably most relevant if the investment is a new property (developer should be able to provide this for you). If it is relatively new ie less than 10 years a QS could help. If older, try a valuer and use your 2.5% of the building value.

    Profile photo of Da ManDa Man
    Member
    @da-man
    Join Date: 2004
    Post Count: 37

    The building is about 8 years old, so I will go with a QS.  Many thanks for your suggestions.

Viewing 5 posts - 1 through 5 (of 5 total)

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