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  1. #1

    Default Chattels Valuation

    Hi,

    I have recently settled on a house and the S&P mentions $10k chattels?

    Do I need to do a separate / itemized chattels valuation for tax purposes or its all good if I use the S&P figures?

    Cheers!

  2. #2
    Join Date
    Oct 2013
    Posts
    1,601

    Default

    They need to be itemised to depreciate. You don't need​ to, but it's in your best interests. Also likely to be considerably more than $10k if you get a valuation done by a professional.
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
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  3. #3
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,560

    Default

    Hi propNZ,

    Have a look at www.valuit.co.nz or a chat to them. They are the only firm who really know what they are doing in regards to chattels depreciation and doing this for tax purposes.

    $10k is just a standard used by land and building valuers and is meaningless.

    A chattels valuation costs around $400 to $500 and if the home has a high level or new chattels, it is extremely worthwhile. My blog on our website has some examples of investors saving thousands long term if you are interested. So you need to think about what level of chattels there are and I start with the main 5, carpet, curtains, dishwasher, stove and heating. These all depreciate quickly and if you feel these would be worth $5,000 or more then it would be worthwhile talking to valuit. $5,000 chattels means long term you will get $5,000 depreciation, which if you can offset against 33% will save you over $1500 in tax, so a good return on the initial cost of the valuation.

    Some investors try to value the items themselves, but I'm not sure how they would go in a audit. How do you work out what carpet is worth for example, or fences, decks, paths?

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  4. #4

    Default

    Thanks Rosco and Anthonyacat!

    fence and deck are also chattels?
    if I had a fence built recently, can I use the invoice from the builder to get the value?

  5. #5
    Join Date
    May 2007
    Location
    Hamilton
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    3,560

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    If you purchased the asset, then you would use the cost!
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  6. #6

    Default

    Hi Rosco,

    Using the cost value of a heat pump. Does that include installation costs or is it solely the cost of the unit?

    Thanks!

  7. #7
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,560

    Default

    Includes installation.
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.


 

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