Hi
I purchased a second hand caravan last year and have been renting it out, and want to know what the deprecaion start date, useful life and starting values are for deprecation.
Is the start date & value of the asset from the first owner purchase date & value, or is it based of the price and purchase date of my acquisition?
Also what is the useful life for caravans ?
Thanks
Peter
Hi @Peterdr6,
Under the legislation TD 97/24, it advises what can be depreciated in relation to a mobile home/caravan. There are certain aspects about the amount of effective life you can apply to it. Your acquisition date is relevant to when you purchased it and your depreciation schedule should be from when you first started to use it to produce income.
You can also view rental expenses you can claim via our website.
If you have costs you cannot claim while you own the CGT asset, you may be able to include these in the cost base when you sell or dispose of it.
Hi @Peterdr6,
Under the legislation TD 97/24, it advises what can be depreciated in relation to a mobile home/caravan. There are certain aspects about the amount of effective life you can apply to it. Your acquisition date is relevant to when you purchased it and your depreciation schedule should be from when you first started to use it to produce income.
You can also view rental expenses you can claim via our website.
If you have costs you cannot claim while you own the CGT asset, you may be able to include these in the cost base when you sell or dispose of it.
Hi Peter, just wondering how you went with this? Does the depreciation schedule start as new with you (12 years from date you purchased) or is it based on the age of the van you purchase? I am having trouble working it out from the information supplied. Cheers
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