Hi there
Looking for advice on the best approach with depreciation schedules for a newly purchased investment property.
We bought a property in December last year - the property was initially built in 2017 and I do not believe there have been any improvements.
I understand that rule changes in 2017 prevent me claiming any plant and equipment that I have not purchased myself.
As such I have three remaining questions:
1. Are there any rules or laws that prevent me using the previous owners depreciation schedule (as it relates to the capital depreciation figure that has been calculated over 40 years):
2. Even if there are no rules preventing me using a previous owners depreciation schedule, is this a good idea or would I be better off getting a new schedule?
3. If the answer to 2 is it’s better to get a new schedule, what is the benefit of this?
I guess my overarching concern is I’ll pay hundreds of dollars to get a new depreciation schedule with the same capital depreciation figure.
Thanks in advance for the advice.
731 views
4 replies