Morning everyone,
I’ve tried using the forum search function using different key terms but I haven’t been able to easily find an answer to my question, so my apologies in advance if this has come up many times.
I live in Victoria and am currently in the process of building my first home. I don’t own any other property yet, but I plan on building an investment property portfolio over the coming years.
Given that it is my PPOR, am I able to get a depreciation schedule for it? Or is that only for investment properties?
And given that this is my first purchase, I don’t know if there is anything else in particular that I should be looking out for – is there anything else that I should be doing in terms of loan structure or otherwise to maximise any potential benefits? Loan is currently around 90% of the value of the house.
Thanks,
Mike
Mike
To be strictly correct, yes you can get a Depreciation Report prepared for your PPOR.
However it will be of no use to you unless at some stage down the track, you convert it into an IP.
So there's nothing stopping you getting one now while all the costs are fresh in your mind but there's nothing to be gained from it at present.
Cheers
Thank you Neil, much appreciated.
Mike
Mike,
Remember that you are also better of defering incurring of investment expenses, like getting a depreciation report, or fixing things on a property until it is a rental. That way the expenses are deductable in the year incurred.
Ahh great point Mal, thank you for the heads up.
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