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  • Profile photo of grumblepiegrumblepie
    Participant
    @grumblepie
    Join Date: 2013
    Post Count: 8

    I recently had a renovation done on a IP in Feburary. New kitchen and new carpet put in. Do i need to get a depreciation report done or can i use the guide that is on the tax page? It said for carpet something like 10 years?

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    If it's one or 2 things you can do it by the tax page but there are probably many things you aren't claiming.

    Most depreciation companies won't do a report unless you get your money back the first year. So worthwhile doing.

    Scott at      http://www.depreciator.com.au           is fantastic.  Email him with details of how old the place is, what it's constructed of, reno's you have done and he'll let you know whether it's worthwhile doing.

    Profile photo of insanoinsano
    Participant
    @insano
    Join Date: 2009
    Post Count: 34

    I used Washington Brown recently to do all my dep schedules, they were very efficient and friendly. Catalyst is right they knocked me back on two of my properties as they were not worth doing.

    They did mention however if I was to renovate it was worth doing a dep schedule before and after as they can write down the scrapping of items and then later on depreciate the new items.

    I paid $600 per schedule and they're worth their weight in gold!!

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    Another vote for Depreciator, they do a fantastic job.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of jeniferjoyjeniferjoy
    Member
    @jeniferjoy
    Join Date: 2013
    Post Count: 2

    I also did some renovation hence called my quantity surveyors for property inspection. They helped me a lot to get the depreciation.

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