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  1. #2526
    Veteran trigg's Avatar
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    I could be wrong, but I believe you need a quantity surveyor to create a depreciation schedule. If you purchase a property and you don't know the costs to build.

  2. #2527
    :bevo: Easty's Avatar
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    I've had Deppro recommended to me but post 1/7/17 anything pre-existing in the building cannot be claimed so I figure it renders it kind of pointless.

  3. #2528
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by trigg View Post
    It's absolutely not.
    In his circumstances I mean sorry

    For a first house etc, itís not really worth the 1 to 2 grand itís going to cost to set it up.

  4. #2529
    One betting disc please Gamblor's Avatar
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    There was a recent legislative change so that existing properties were unable to claim capital allowances on second hand depreciating assets. So it sort of renders the quantity surveyor report useless nowadays.

    They were pretty much total bs anyway, which was the rationale behind scrapping it. When a house was sold a new report would be done that revalued the assets significantly higher than the written down value, rinse and repeat.

    If the property was bought new you'd use the known construction costs and costs of assets so no need for surveyor.

    Your business use percentages for interest, utilities, capital works etc would generally be based on the proportion of total floor space exclusive to the tenant and half of the common area.

    In terms of specific depreciating assets I believe it would be an equal apportionment for common areas and 100% for items exclusive to tenant eg. Assets in private bedroom and bathroom. Assuming your rental agreement states it is a fully furnished rental.

  5. #2530
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    Quote Originally Posted by Easty View Post
    Does anyone here know anything about depreciating assets for an investment property?

    I bought my first property over the weekend and I'm already planning on leasing out the second bedroom. I'm trying to work out what items I can depreciate vs what I can't and I so far haven't found a clear distinction.

    I know for instance I can claim any whitegoods but as I'm providing a furnished apartment in the common areas, surely I can claim just about anything with a purchase price abover a certain amount (I think it's $100) as it is all technically contributing to rental income.
    The big consideration here is the main residence exemption from capital gains will most likely be tainted by doing this. So if you've bought the place expecting significant capital gains then this can be a big factor, especially if you're going to move out and rent it in the future fully without purchasing a replacement and wanted to use the 6 year rule on it.

    Otherwise Gamblor has covered pretty much everything. If an asset is specific to the room you're renting (such as a split system, bed, TV) or any area specifically to the person renting (for example an ensuite or exclusive use bathroom) then you'd depreciate it and claim 100% of that deduction. The remaining areas you would generally apportion based on floor area or some other reasonable method, so if their exclusive area was say 15% of the house then you'd claim 15% of the utilities, interest, rates, insurances and any other depreciable assets in common areas (living room TV for example).

    Most people just do the dodgy on this though and don't report that income from my experience though as it's a lot of hassle and you've have to be incredibly negatively geared for you to benefit and the CGT element can be big down the road. Gamblor can probably provide info on whether the ATO has gotten better at picking up on it at all but I've never seen it picked up on in my 15 years.

    Quote Originally Posted by trigg View Post
    It's absolutely not.
    Quote Originally Posted by Embers View Post
    Itís a waste of time.
    Yes and no. If it's an old building then it's almost worthless. On a brand spanking new build it's also pretty much worthless as you'll have the actual costs to use. On a moderately new build the capital works deduction element can be very worthwhile as it will be a significant deduction in most cases. It does get added back for CGT purposes but with the discount, time value of money and ability to time the sell in most cases you should still end up significantly ahead.

    Added bonus that you get a discount of whatever your marginal tax rate is on the cost of the report (shouldn't be paying more than about $750 at most for it) (this deduction may be limited in your situation but, imo, it would be a cost directly and only related to the assessable income so should be fully deductible).

    A few years ago they were absolutely golden though, best money you could spend on the rental property front.

  6. #2531
    Fly or Die sblack's Avatar
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    E25 actually to the moon
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  7. #2532
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by sblack View Post
    E25 actually to the moon
    Not even in my top 5 m8.


  8. #2533
    :bevo: Easty's Avatar
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    Quote Originally Posted by wogitalia View Post
    The big consideration here is the main residence exemption from capital gains will most likely be tainted by doing this. So if you've bought the place expecting significant capital gains then this can be a big factor, especially if you're going to move out and rent it in the future fully without purchasing a replacement and wanted to use the 6 year rule on it.

    Otherwise Gamblor has covered pretty much everything. If an asset is specific to the room you're renting (such as a split system, bed, TV) or any area specifically to the person renting (for example an ensuite or exclusive use bathroom) then you'd depreciate it and claim 100% of that deduction. The remaining areas you would generally apportion based on floor area or some other reasonable method, so if their exclusive area was say 15% of the house then you'd claim 15% of the utilities, interest, rates, insurances and any other depreciable assets in common areas (living room TV for example).

    Most people just do the dodgy on this though and don't report that income from my experience though as it's a lot of hassle and you've have to be incredibly negatively geared for you to benefit and the CGT element can be big down the road. Gamblor can probably provide info on whether the ATO has gotten better at picking up on it at all but I've never seen it picked up on in my 15 years.

    Yes and no. If it's an old building then it's almost worthless. On a brand spanking new build it's also pretty much worthless as you'll have the actual costs to use. On a moderately new build the capital works deduction element can be very worthwhile as it will be a significant deduction in most cases. It does get added back for CGT purposes but with the discount, time value of money and ability to time the sell in most cases you should still end up significantly ahead.

    Added bonus that you get a discount of whatever your marginal tax rate is on the cost of the report (shouldn't be paying more than about $750 at most for it) (this deduction may be limited in your situation but, imo, it would be a cost directly and only related to the assessable income so should be fully deductible).

    A few years ago they were absolutely golden though, best money you could spend on the rental property front.
    It's an apartment in a older style complex in the inner east of Melbourne, so I don't expect crazy capital increases but in any case long term I plan on using it us equity for the family home (when I eventually find a Mrs. Easty). It also means I can't claim any capital works deductions I think.

    Haven't fully read up on the CGT considerations yet but from my understanding the eventual gain would then be apportioned by the floor space made available for lease (exclusively + %age of common area) for the periods of time where the room was leased (or could be for period of time when the intent was to lease it out). Over time, this becomes unnecessarily complicated I feel. Not sure how this is affected by the 6 year rule as I don't fully understand how you can have a primary place of residence without living in it as I've seen suggested elsewhere.

    I think nowadays the ATO has pretty high visibility around your bank transactions so if they saw $10k+ of rent in your account every year they would question it surely?

  9. #2534
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by Easty View Post
    It's an apartment in a older style complex in the inner east of Melbourne, so I don't expect crazy capital increases but in any case long term I plan on using it us equity for the family home (when I eventually find a Mrs. Easty). It also means I can't claim any capital works deductions I think.

    Haven't fully read up on the CGT considerations yet but from my understanding the eventual gain would then be apportioned by the floor space made available for lease (exclusively + %age of common area) for the periods of time where the room was leased (or could be for period of time when the intent was to lease it out). Over time, this becomes unnecessarily complicated I feel. Not sure how this is affected by the 6 year rule as I don't fully understand how you can have a primary place of residence without living in it as I've seen suggested elsewhere.

    I think nowadays the ATO has pretty high visibility around your bank transactions so if they saw $10k+ of rent in your account every year they would question it surely?
    Cash is king.

  10. #2535
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    Quote Originally Posted by Easty View Post
    It's an apartment in a older style complex in the inner east of Melbourne, so I don't expect crazy capital increases but in any case long term I plan on using it us equity for the family home (when I eventually find a Mrs. Easty). It also means I can't claim any capital works deductions I think.

    Haven't fully read up on the CGT considerations yet but from my understanding the eventual gain would then be apportioned by the floor space made available for lease (exclusively + %age of common area) for the periods of time where the room was leased (or could be for period of time when the intent was to lease it out). Over time, this becomes unnecessarily complicated I feel. Not sure how this is affected by the 6 year rule as I don't fully understand how you can have a primary place of residence without living in it as I've seen suggested elsewhere.

    I think nowadays the ATO has pretty high visibility around your bank transactions so if they saw $10k+ of rent in your account every year they would question it surely?
    Yeah I expect we're close to that good little deal going away but as I said never actually seen the ATO pick up on it (doesn't mean they haven't).

    6 year rule is generally designed for people who go interstate/overseas for a temporary period but applies to all. Basically you move in somewhere, it becomes your main residence and then when you move out you rent somewhere else (you can buy also but this is more complex) and continue to treat it as the main residence, you get 6 years when it is income producing (ie rented). If you don't rent it there is no limit on the time.

    If you don't expect substantial gains then renting the room will probably get you a similar return, if it ends up negatively geared from that it could even be an extra bonus.

  11. #2536
    :bevo: Easty's Avatar
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    Quote Originally Posted by wogitalia View Post
    Yeah I expect we're close to that good little deal going away but as I said never actually seen the ATO pick up on it (doesn't mean they haven't).

    6 year rule is generally designed for people who go interstate/overseas for a temporary period but applies to all. Basically you move in somewhere, it becomes your main residence and then when you move out you rent somewhere else (you can buy also but this is more complex) and continue to treat it as the main residence, you get 6 years when it is income producing (ie rented). If you don't rent it there is no limit on the time.
    Did some quick reading and I would be partially exempt for half the communal floor space + unleased floorspace in the time frame where the room was being leased from a CGT perspective. 6 year rule would still apply to that partial exemption as far as I can tell.

    Quote Originally Posted by wogitalia View Post
    If you don't expect substantial gains then renting the room will probably get you a similar return, if it ends up negatively geared from that it could even be an extra bonus.
    In theory I should get pretty close to having it negatively geared, at least in the first couple of years anyway so I think it's the way to go. Thanks for the help.
    Last edited by Easty; 24th November 2020 at 02:42 PM. Reason: double negative error.

  12. #2537
    Veteran thisisdaryl's Avatar
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    Crypto right now


    Sent from my iPhone using Tapatalk

  13. #2538
    Vale Nollsy Embers's Avatar
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    Went on a big stock up late yesterday after the sell off. Went a few outside the box ones with SYR/BPT/STO/DCC as well as a bit more in some I already own

  14. #2539
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by thisisdaryl View Post
    Crypto right now


    Sent from my iPhone using Tapatalk
    Yeah, ive ummed and ahhed about it since Biden won. Didnt want to directly buy Crypto but thought about Crypto based companies.

    Might go to some of the overseas companies like BC Group for example to buy some shares however most have pumped up 25% in the last few days so just worried I missed the boat. Will go smallish ina ny case

  15. #2540
    Fly or Die sblack's Avatar
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    Quote Originally Posted by thisisdaryl View Post
    Crypto right now


    Sent from my iPhone using Tapatalk
    Ive got my Electrum wallet details in a locked note on my computer.

    Cant find the fucking password to the locked note



    I actually can't believe it
    TTP

  16. #2541
    the implication. fender's Avatar
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    Quote Originally Posted by sblack View Post
    Ive got my Electrum wallet details in a locked note on my computer.

    Cant find the fucking password to the locked note



    I actually can't believe it
    Welcome




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    Picture Phife losing a battle, come on, get off it
    Put down the microphone son, surrender, forfeit

  17. #2542
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by sblack View Post
    Ive got my Electrum wallet details in a locked note on my computer.

    Cant find the fucking password to the locked note



    I actually can't believe it
    If its a Mac, just check the 1 thousand key loggers on your computer

    Surely it exists in your password keychain?

  18. #2543
    Fly or Die sblack's Avatar
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    Quote Originally Posted by Embers View Post
    If its a Mac, just check the 1 thousand key loggers on your computer

    Surely it exists in your password keychain?
    The hint is: keychain random.

    Which means I got keychain to generate it. But its not saved anywhere in the keychain. I must've been really dumb and did it as a saved note inside keychain but didn't put it on iCloud so it hasn't synced

    Fuck me.It's like 10k worth
    TTP

  19. #2544
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by sblack View Post
    The hint is: keychain random.

    Which means I got keychain to generate it. But its not saved anywhere in the keychain. I must've been really dumb and did it as a saved note inside keychain but didn't put it on iCloud so it hasn't synced

    Fuck me.It's like 10k worth
    If you dont save it in the keychain, will it not be in your generic keychain instead?

    Also cant you login to Notes then Sync everything after the fact providing your using your Apple ID to login to the PC?
    Last edited by Embers; 25th November 2020 at 03:42 PM.

  20. #2545
    Fly or Die sblack's Avatar
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    Keychain can be stored locally. I have reformatted my old Mac a few times because I usually have everything in keychain.

    You can reset a lot of things with AppleID including notes password, but not previously locked notes. They are locked to old password
    TTP

  21. #2546
    Vale Nollsy Embers's Avatar
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    Quote Originally Posted by sblack View Post
    Keychain can be stored locally. I have reformatted my old Mac a few times because I usually have everything in keychain.

    You can reset a lot of things with AppleID including notes password, but not previously locked notes. They are locked to old password
    Yeah the reformat is definetly your issue.

  22. #2547
    Kawhi Leonard. dylan123's Avatar
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    E25 killing it lately. AMS has done alright for me lately, I should have got in at .45 cents but tried to get a few cents cheaper and it went up, got in at 58 cents and some more at 68 cents, up to $1.04 at the moment.

    Pretty surprised SKN has almost reached the amount pre trading halt. Figured they've missed their window somewhat and who could trust management that fucked over stockholders for that long? Short memories it seems.

    TWE pretty interesting to follow too as they've been screwed over by China but wonder whether it's something that returns to normal over time - I'm not really paying close enough attention to that whole situation though to really have an opinion.

  23. #2548
    Veteran yeah_nah's Avatar
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    I like TWE long term but no idea what it will look like short to medium term.

    Have just jumped into RBL as of Friday. Already up 8%.

    Im at like 280% profit on E25

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    Quote Originally Posted by Eagle E View Post
    I then started saving extra money as a result of eating dumpster food.

    I knew when to hit the dumpster for optimum catch.
    Quote Originally Posted by Eagle E View Post
    accualy scared of getting knocked out by yenny
    #broughtback

  24. #2549
    Fly or Die sblack's Avatar
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    Yeah Iím around 250%. First real moon stock posted here
    TTP

  25. #2550
    One betting disc please Gamblor's Avatar
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    To think it all started from a FB algorithm, I read a suggested article in the West while taking a dump one morning, which sounded too good to be true and our resident Mn expert Yenny gave the PFS the once over and tick of approval.

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