Depreciation Schedules on Investment Properties?

Question

Is it true that you would have to have receipts of work done on the building to be able to get a depreciation schedule done on an investment property if the building is really old - possibly built in the mid-70's?

I have heard that quantity surveyors can access estimated costs using special software/systems to make up a depreciation schedule for depreciation purposes... is that true? If so, does anyone know of a quantity surveyor in the Gold Coast that can do that??? Thank you!

Answer 1

yes a quantity surveyor can give you a report and you can use this to claim tax deductions.  I think the report itself costs a few hundred dollars so I'm not sure if it is worth it! (note this is a timing benefit only - if you claim depreciation now, you will need to reduce your cost base and this will mean you pay more CGT when you sell the property).