I recently built a new house then I lived in it for about 8 months. In Septemer 2010 I moved out and the house became an IP. I am going to get a depreciation schedule in the next few weeks for tax reasons.
I know the contract price to build the house($150k) and have receipts for works to finish the house off like floorings and window coverings. All these items are depreciable.
I bought the land for $180k but it was a land pakage. Not a land and home package. For the price of the land I got the land and extras from the developers such as free storm water, free fencing, free driveway and front lanscaping. As these extras were included in the land component are these depreciable as well. There was no itemised cost for these individual components but one total amount of $180k. If these are depreciable a QS should be able to work them out right?
Also I installed floorings using tiles in the house. The tiles I bought so I have a receipt. But my dad installed the tiles and did not charge me anything. Is the labour for tiling work depreciable as well and say claim $3000 for the labour.
Just need some advice on this
Thanks.I thnk the best is to get a depreciation schedule done by a qualified quantity surveyor. I have dealt with BDSA and they seem quite reasonable.
Also note that those charges are tax deductable
You can't just guess an amount and claim that for labour.
It's fraud to claim for a cost you did not incur.You can just get the surveyor to do an estimate on photos though if you "lost" the receipts.
Hi dien15,
A professional quantity surveyor will take into account all the information you have available, and will do the appropriate searches on the property to ensure they have gained a full history of the property and have everything they need to maximise the deductions available to you. Where you don't have receipts for work done, because they have been lost etc, that is no problem, your quantity surveyor is qualified to estimate those costs for you.
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cheers
LeahLeah Wilkins | Capital Claims Tax Depreciation
http://www.capitalclaims.com.au/
Email Me | Phone MeBenefits you appreciate.
An expert Quantity surveyor will consider all the data you have accessible, and will do the fitting inquiries on the property to guarantee they have picked up a full history of the property and have all that they have to amplify the conclusions accessible to you.
aidenordell | ETax Depreciation Schedules
http://www.etaxdepreciationschedules.com.au/
Email Me | Phone MeYou really are better off getting a QS report done by a pro. There are a couple listed above otherwise the 3 well regarded QS companies in this country seem to be:
1 – BMT
2 – Washington Brown
3 – DepreciatorI have personally (and my clients) had reports done by Washington Brown and Depreciator, both very good.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
…and for a blast from the past…
https://www.propertyinvesting.com/topic/4381354-depreciator/
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Hi all,
While on this topic, what is the main difference using someone like BMT / Washington Brown / Depreciator vs TaxShield who charges a fraction of the cost from the other companies? I understand that there is a comprehensive check-list provided by TaxShield that you need to conduct the onsite inspection and provide the details but wouldn’t it be worthwhile doing so especially if one can easily visit your IP to conduct the self-assessment through TaxShield?
Cheers’
NM7Hi all,
While on this topic, what is the main difference using someone like BMT / Washington Brown / Depreciator vs TaxShield who charges a fraction of the cost from the other companies? I understand that there is a comprehensive check-list provided by TaxShield that you need to conduct the onsite inspection and provide the details but wouldn’t it be worthwhile doing so especially if one can easily visit your IP to conduct the self-assessment through TaxShield?
Cheers’NM7Just my personal opinion…
1 – I have no idea if a self inspected dep schedule would be accepted by ATO
2 – If it isnt I am very nervous
3 – If it IS acceptable but then I happened to get audited, how would I feel being responsible for it? (nervous)
4 – Could I miss things an expert might see? (yes)
5 – Would I see this as a waste of my time? (yes)At the risk of labouring the point – tomorrow I am getting my car serviced by a mechanic. Could I learn to do this? Yes, Would it save me some money? Yes, DO I WANT TO?
NO WAY!!!BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Roughly what price range are we talking about for a typical 3 brm 1 bathroom house anyone ?
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
I would go Washington brown they have proved me great results before
Just putting my 2 cents worth in – I found Depreciator great to deal with. Reasonable pricing and they give a discount for more than one property and for each consecutive property you purchase.
Just putting my 2 cents worth in – I found Depreciator great to deal with. Reasonable pricing and they give a discount for more than one property and for each consecutive property you purchase.
@leoniey5 they are good aren’t they? Scott for prime minister I say.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
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