Hi all,
Would be great to get some thoughts, views, and perhaps some got insights on two questions I got. I am currently contemplating buying an investment property.
1) What happens to you tax deductions if you move overseas in 2 or 3 years and stay overseas for 2-4 years before coming back. It means of course that you don't have an income in Australia from which you can deduct costs, interest. Can you accumulate this for when you come back?
2) Any hints or tips of how you can estimate the house and chattel depreciation amounts without engaging a property surveyor and spending $1,000(?) on a report. I am looking at a small house that is 4 years old and am I trying to understand what my depreciation opportunity is?
MJT
HI MJT
To get an estimate of the likely depreciation…
Us the depreciation calculator on our website
http://www.washingtonbrown.com.au
Regards
Tyron
If your property is negatively geared, and you have no other income to offset this against, the losses from your RP accumulate, so they can be deducted in future years.
For depreciation, I would advise to pay the money (it's tax deductible) and get a Quantity Surveyor's report.
You can accumulate losses whilst non-resident. Have a look for the book "The australian expat – the luckiest person on earth" which has a simple explanation. It also explains depreciation.
and a depreciation report should be <$500
Should be <$500
Liam Hannah
Quantity Surveyor
visit http://www.propertyreturns.com.au
special $299 fully inspected
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