Hi all
just wondering if there's any significant differences between depreciation of brand-new properties and refurbished properties?
thanks in advance
ao
My understanding is fittings like carpet,blinds etc are depreciable over a period of time from 1 to ten years depending on the item.As for the building itself thats capital works and if built after 1987 it can be written off at 2.5% over 40 years.My understanding is renovations fall under this aswell and a quantity surveyor will help work out the values of the reno.
I think you best bet is to get a depriation schudule done, there are some companies out there who do it for $395.00 and if you can't claim at least that amount of money back they don't charge you,
you can even back date the depriation to when you first purchased they property
Ao, to answer your question:
"just wondering if there's any significant differences between depreciation of brand-new properties and refurbished properties?"
It depends entirely on the extent of the refurbishment and the nature of the work done. A renovation in a capital city can easily cost more than the price of a new project home.
Scott
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