Hi all , was wondering if anyone is up to date on the depreciation regulations for NZ IP’s, do you need a Quantity Surveyors report like in Oz and is there an age restiction for property such as must be built after 1985 ?
Any help will be greatly appreciated.We get asked occasionally about tax depreciation Schedules in NZ but haven’t yet ventured across there – plenty of business in Australia.
I imagine you’d still need an appropriately qualified professional to estimate building costs.
The general principle are the same.
There is no cut-off for building depreciation in NZ, though i.e. buildings of any age can be depreciated.
Scott@Depreciator 1300 660033
Hi No1
For depreciation schedules try the official IRD site;
http://www.ird.govt.nz/library/publications/geninfo/ir292.pdfDepreciation schedules are under review by the IRD and will change within two years.
For depreciating chattels there is one company that I use. They can be found at this site:
http://www.valuit.co.nzRegards
Ok thanks for that i will investigate the sites mentioned, thanks a lot. I like the fact there is no age restriction , seems rather user friendly.
RegardsHi 1hoobadriver
Muppet is right on with valuit as a firm. I use them as well.
Buildings get to be depreciated at 4% per annum I think. When you get a valuation done, the valuer breaks it into land, building and chattels, so you know how much the building bit is worth.
Some of the NZ investors on here do not worry about getting a schedule, and simply claim the building depreciation only.
Whatever works for you – you will need to do your homework.
Cheers
CDCastleDreamer
“+CF properties in NZ available now”
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