Rental Depreciation Schedule

I am trying to conclude my findings on rental depreciation so I can decide which way to go.

Using MyGov, the ‘Depreciation and Capital allowance’ tool will ask for the construction dates and cost, and then it will give me a schedule for 40 years or so. Those figures will automatically be on MyGov record. Or If I get the schedule done by a ATO complaint surveyor, they ask different things, I will be given a schedule, but then I won’t be able to put the amount from the schedule using MyGov, because Rent section does not have a field to insert the figure from the surveyor, MyGov has only a tool.

So, I must lodge the tax return by a tax agent if I get the schedule done by a surveyor? Is that right?

Comments

  • +1 vote

    I was under the impression a depreciation schedule must be done by a surveyor, or else you can't claim, I could be wrong though.

    Up until this year I've always done my tax returns on my.gov using the surveyors schedule. There is a section to add it in. Due to a change in my circumstances I will have my tax done by an accountant this year so can't point you to where, but it was definitely in there!

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      haven't done mine this year, but agree it was definitely there.

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      Thanks, did you put those figures from the surveyor in that ‘Depreciation and Capital allowance’ tool? Any clue might give me the lead.

  • +2 votes

    I got one done by BMT. Best $550 ever spent. Now deducting about $5k a year for the next 30 odd years.

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      Can you do it for older buildings, or units? Or does it have to be brand new? Can you claim the 550?

      • +1 vote

        Yes you can claim the 550.

        From My schedule:
        Non-depreciable items include expenditure on:  Land purchase  Demolition  Site clearance  Soft landscaping (plants, soil, turf etc)  Repairs and maintenance items which are deemed to be non-capital expenditure and accordingly, such costs are capable of being fully written-off in the year of their expenditure

        It'll then have Building Allowance, Structural improvements and Plant and Equipment. For me these 3 added together give me just over $10k a year.

        On an older building it would be less. Basically it let's you put some of the purchase cost to depriciable assets within the building.

        https://www.bmtqs.com.au/bmt-insider/older-properties-and-de... it's from a while ago but gives a good indication based on when the house was built as as well.

        It's well worth spending the money and getting it done correctly. Mine was $770 3 years ago.

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      I will get one done too by BMT, but can I use their figures using MyGov account or I must see an agent to do that?
      I can not see any option in MyGov.

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        No idea. My accountant handles all this.

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        Yes you input those BMT figures into your rental schedule under capital works and capital allowances.

        Be careful thou, i think there were some changes that you can't claim depn if you bought after the last budget. You can still claim the building portion.

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