Hey all!
I purchased a rental property last year in October and now need to complete my first tax return. I ordered a chattels valuation for my depreciation expense but the report did not provide the rates. Most of them I found in the IR264 but not on the list are Heated towel rail, bathroom wall heater and rangehood. I would have thought these were very common household chattels so I wonder if they are not depreciable items? If they are does anyone know which rates to use for diminishing value?
Would greatly appreciate any help on this as I'm stumped!
Thanks in advance.
I purchased a rental property last year in October and now need to complete my first tax return. I ordered a chattels valuation for my depreciation expense but the report did not provide the rates. Most of them I found in the IR264 but not on the list are Heated towel rail, bathroom wall heater and rangehood. I would have thought these were very common household chattels so I wonder if they are not depreciable items? If they are does anyone know which rates to use for diminishing value?
Would greatly appreciate any help on this as I'm stumped!
Thanks in advance.
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