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  1. #1
    Join Date
    Jun 2005
    Location
    Christchurch
    Posts
    27

    Default depreciation of chattels

    hi
    can anyone explain in simple terms about the benefit of paying someone to do a depreciation of chattel rather than the accountant using whatever formula they use?

    cheers

    Phyllis

  2. #2
    Join Date
    Feb 2005
    Location
    Gold Coast Aust
    Posts
    76

    Default

    First of all you need a Valuer to do a schedule of all the items you can depreciate. This costs around $300 or so, I got QV Valuations to do mine.
    They value all the items and add the percentage for each item as per the IRD tables (this is on the IRD website), using either straight line or the other method that escapes me. Ths IRD have good info on the IRD site.
    I would then give the schedule to my accountant to work out the deduction for your return. The actual building structure can also be depreciated, I think the rate is 2.5%, but don't quote me, again the IRD has info on this to.

    Hope this helps

    KI
    Kiwi Investor - Assistant Valuer
    QLD Real Estate salesperson qualified
    'Do as I say not as I do'

  3. #3
    Join Date
    May 2005
    Posts
    179

    Default

    In simple terms:

    The accountant will still use the same depreciation rates (formulae) to calculate depreciation.

    The difference is that a chattels valuation will value them HIGHER than your standard registered valuation. This means that you can claim back more in depreciation each year. Which means, depending on your structure, more money back from the IRD each year.

    I used Valuit (they have an ad here somewhere - Warren Tucker is the manager), and at $365 GST inclusive, it's very cheap when you consider the benefits.
    handmade art for kids rooms

  4. #4
    Join Date
    Jun 2005
    Location
    Auckland, New Zealand
    Posts
    82

    Default

    Tisme

    Feel free to visit our website which explains the advantages of having a chattel valuation completed

    Regards

  5. #5
    Join Date
    Jan 2005
    Location
    Auckland
    Posts
    1,530

    Default

    Or read through some of Warren's past postings that will also explain this in full detail.
    Julian
    Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!


 

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