1. If my property was built before 1985, is it too old?
No. It is worth noting that your investment property does not have to be new.
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Both new and old properties will attract some depreciation deductions.
2. How far back can I claim tax deductions, if I held an investment property for a number of years?
You can amend your tax return for the previous 2 years. However, if you have undeclared rental income, there is no time limit on how far back the ATO will go back.
3. Why is plant and equipment itemised?
The ATO specifies an individual effective life for each plant and equipment item. The original building structure and capital improvements, or Division 43, are all written off at the same rate ( unless building works have been completed over different legislation periods).Therefore individual costs for these items are not itemised in our report.
4. Why does the depreciation and capital allowance schedule only last 40 years?
From the date of construction completion, the ATO has determined that any building eligible to claim the capital allowance, has a maximum effective life of 40 years. Generally, investors can claim up to 40 years on a brand new building, whereas the balance of the 40 year period from construction is claimable on an older property.
5. Can I claim renovations completed by the previous owner?
Yes. Anything in the property that is part of a previous renovation will be estimated by our quantity surveyors and deductions calculated accordingly ie new bathroom , new kitchen, new electrical wiring, new plumping and new water proofing to name but a few.
6. What Information do I need to provide?
Provision of the following would help expedite the Turnstyle Property Depreciation Report:
- Purchase Price Paid:
- Stamp Duty Paid
- Legal Fees Paid:
- Contract Date: ( ie date Offer and Acceptance Form was signed)
- Settement Date:
- Date First Available For Rent:
- Address Of Investment Property
- Actual cost and date information on renovations or improvements
- Property Manager’s / Tenant’s Contact Details: ( to access the property for inspection)
- Copy Of Strata Plans
- Address Of Client : ( so that we can post out the final report to you)
Have your property depreciated the “Turnstyle” way… call us today for these services and many more.
0405 474 493