I have had a investment property since 2007. I have not done a depreciation schedule (i.e. not claimed depreciation ) on this .I was advised it gets cut from your eventual selling price. This might be right but not doing a depreciation schedule I think (now) was a mistake.Last rate interest rate was 9%. This year it is 5%. I am hardly getting a tax return this year. I am thinking about getting a depreciation schedule done this year.
Where can I get an accurate, reliable and cheap depreciation schedule done? How long does it take?
Do you see any problems in me doing a deprecation schedule in hindsight (2 years late)?
We have BMT to do our depreciation schedules. Our porperties are in Tas but they flew down to do these. They cost us about $600 per property and we were able to claim for the previous tax year. It does not get cut from your selling price, instead you claim a depreciation for tax purposes each financial year…. this amount is deductible from your taxable income. Hope this helps
Never too late – your accountant can easily amend the previous years returns. We used Catalyst and it was a quick turnaround and around the $600 mark (which is claimable). Our property is very old and it is still very worthwhile.
Mate, google "corpred depreciation" – they give you an estimate via sms on what your depreciation is – if you are happy with it you can either fill in forms full of details and they will do a schedule, or you can choose to get them to come check out your place.
I was told the same thing, dont bother with a depreciation schedule – even by Deppro – because my place was only an investment for 12 months before I moved in to it myself. Im glad I went elsewhere and got a schedule done. As my place was a display home I got a hefty tax return just on that.
Doesn't the DS come in to count when you sell the property buy 'lowering' the purchase cost for CGT calculations?
This is what I thought, you end up paying more CGT if you sell but Tuggerwaugh wrote in a post above the following: ' It does not get cut from your selling price, instead you claim a depreciation for tax purposes each financial year'