retrospective chattels valuation?

[Transient]

I've just learned about the potential benefits of depreciating chattels.

I purchased my first property in November 2015 (which was immediately rented) I havn't had a chattels valuation done. Can I get a valuation done now and use it for the year ended march 2016?

thanks for any pointers

[Bob Kane]

I think so.
The valuation will be the property as at the sale/purchase date.

[Nick G]

Speak with your accountant first!

[Anthonyacat]

Generally speaking, it's OK to get a chattels valuation done up until you file your first income tax return after purchase, unless you've made any significant changes to the property. I know Valuit will usually do chattels valuations up to six months after purchase.

After the first tax return is filed, you have essentially elected not to depreciate the chattels, this is not something you can then change your mind on.

But as Nick has said, check with your accountant.

[Rosco]

I've just learned about the potential benefits of depreciating chattels.

I purchased my first property in November 2015 (which was immediately rented) I havn't had a chattels valuation done. Can I get a valuation done now and use it for the year ended march 2016?

thanks for any pointers

Hi Transient,

I would only use www.valuit.co.nz Some land and building valuers say they can do chattels valuations, but generally they don't understand the tax rules and get it wrong.

It would be quite normal to get your chattels valuation done now and to use the depreciation in your 2016 return. So if you have reasonable value chattels (carpet, curtains, heatpumps, stove, dishwasher are the main ones) then talk to Valuit.

Ross

[Transient]

Thanks for the pointers. I'm organizing a valuit chattels valuation