Hi all,
I get the impression that there’s a ‘secret society’ out there who know all about everything, it’s just a case of knowing the secret handshake[
].I’ve been trying to find a list of everything that can be legally depreciated as part of an IP. This includes everything from fixtures to finance, and what the depreciation schedules are for each time (eg, 4% pa on carpet (not sure of exactly what this rate is just guessing)….
I couldn’t find anything on the ATO site (not surprised!), but I’m sure that there’s someone out there that may have a speadsheet or link to this type of information.
Finally, there’s been discussions in the past about how, once a business is registered, that costs associated with inspecting IP’s can be deducted. Is it also possible to claim a meeting as a deduction if, for example, all partners/parties live in the same city but the meeting is scheduled in, say, Cairns or Phuket?[
]Most interested to know…
Thanks,
Michael [
]Hi there mixrex. I know what you’re talking about, it is very difficult to find anything on the ATO website, but nevertheless it is there. I have pasted the address below.
http://www.ato.gov.au/content/individuals/downloads/RentalProperties2002.pdf
If it doesn’t work simply go the the ATO homepage, click on ‘search and contents’, type in rental properties. This will give a list of relevant material. The one you want however is ‘rental properties 2002’. Click on it and download pdf file.
Hi micheal
You generally need to get a depreciation schedule done by a quantity survey. These guys will do a full depreciation schedule for you taking into account the base value and the age of everything.
The cost to get this done is $300-400. More to the point the ATO excepts this as true and correct with the fee for getting it done deductable also.
As far as directors meetings and the like they are expenses in relation to the business but you do need to have substantial cash flows in the business or else it just looks like a holiday paid for with your money through the business.
Your accountant should be able to advice further or maybe Steve may want to comment.
Cheers
Jumbo & Ziz,
Appreciate you both letting replying.
Michael [
]Why not leave it up to the quantity surveyor to do his job. personally I would rather be spending my time on other things.
I have fantastic guys who claim that if you dont get the cost of their fees back in your first year they’ll give you a refund. ( I havent had one yet). They recon that if they dont include an item then it cant be included.
They charge a little more than $450 but i’d pay it every time. Dont they say you get what you pay for? [
]cheers
calCan somebody recommend good depriciation specialists?
Thanks in advance
Can somebody recommend good depriciation specialists?Thanks in advance
Hi Boris
Try http://www.washingtonbrown.com.au...
But i’m biased as i am director of co.!
Regards
Tyron
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