Building Depreciation ceases from 1/4/11
Building Depreciation ceases from 1st April 2011. This means you can still claim for the year ending 31 March 2011. You can also still claim chattels depreciation.
If you have purchased an investment property within the last 2-3 years, and have not claimed chattels depreciation we suggest you look at www.valuit.co.nz or else contact Ross to discuss this further. It may be possible for you to get a chattels valuation done now, so that you can depreciate chattels for the year ending 31/3/11 and onwards.
Generally it will make sense to obtain a chattels on newer, more expensive properties. For every cheap properties with a small amount of chattels, it may not be worthwhile.
If you have done improvements to the property, we will use the cost value of these improvement for depreciation purposes. For example if you rip up all the carpet and put in new carpet for $10,000, this will be our opening value for depreciation.
I'm sure most of you will already know about this, but thought it was worth sticking up this information again, just to make sure everyone is aware of it.
Ross
Building Depreciation ceases from 1st April 2011. This means you can still claim for the year ending 31 March 2011. You can also still claim chattels depreciation.
If you have purchased an investment property within the last 2-3 years, and have not claimed chattels depreciation we suggest you look at www.valuit.co.nz or else contact Ross to discuss this further. It may be possible for you to get a chattels valuation done now, so that you can depreciate chattels for the year ending 31/3/11 and onwards.
Generally it will make sense to obtain a chattels on newer, more expensive properties. For every cheap properties with a small amount of chattels, it may not be worthwhile.
If you have done improvements to the property, we will use the cost value of these improvement for depreciation purposes. For example if you rip up all the carpet and put in new carpet for $10,000, this will be our opening value for depreciation.
I'm sure most of you will already know about this, but thought it was worth sticking up this information again, just to make sure everyone is aware of it.
Ross
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