Hi everyone
I have a question regarding to the depreciation. I have a house which is over 40 years old (I guess) and I plan to rent it out. About 1 year ago, I
– renovated the whole kitchen (new appliances)
– painted whole house
– polish the floor
– fix garden…
So if I rent the house out, can i claim for depreciation? If yes, can anyone suggest me where I can get depreciation schedule report? should I do it before or after I rent out the house?
cheers
Eric
Hire a quantity surveyor . Not sure on the garden but Painting, Kitchen Appliances, Curtains, Ect can be depreciated but knowing the effective life of each item is difficult thats why a quantity surveyor is good as they work it all out and hand you a depreciation schedule that you hand to your accountant.
easier do do without a tenant as getting access can be difficult.You'd want a good accountant too – one that's specialised in the field of property investment. A book I'm reading at the moment has a section on Adrian Hill. He sounds like he knows his stuff. This is his accounting company: http://www.superiortax.com.au/
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thanks for the suggestions.
Also, I am moving to a brand new 3 bedroom apartment. I plan to rent 1 or 2 rooms out. Can this apartment consider as an investment property? Can I claim for depreciation?
cheers
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