All Topics / General Property / depreciation on a reno job

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  • Profile photo of fingerscrossedfingerscrossed
    Participant
    @fingerscrossed
    Join Date: 2005
    Post Count: 81
    August 29, 2007 - 1:50 pm

    Hi all

    I was hoping that someone out there could answer this question for me.

    I am looking at purchasing a house in Elizabeth Downs.  The property that has my attention is a weatherboard home that was built in 1960.

    It has been totally renovated and looks great.

    My question is – am I able to claim any depreciation on the reno that was done by the previous owners ??

    Thanx in advance

    Debbie :-)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 30, 2007 - 7:35 am

    I beleive you should be able to claim some depreciation depending on how long ago they did the work, and what sort of work. You'd be get a quantity surveyor in to assess the value of fittings/fixtures and any capital works and take if from there.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of here to learnhere to learn
    Member
    @here-to-learn
    Join Date: 2007
    Post Count: 33
    August 30, 2007 - 7:54 am

    you certainly can on fittings and fixtures but not the building unless there have been any additions as terryw said call a quantity surveyor this is also tax deductable. i have recently used depro and have been happy with them it cost around $500

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