How to set chattels value?

[Sam3000]

Hi there, I got a question in regards to the chattels value that is listed for each property sales history through QV website. I bought a house through an auction and I want to set the chattels value to be $7000. How can do that?

Please advice,

[klauster]

Create a itemized chattel list with second-hand market values.
Source: book value (if rented before) check out selling websites
or engage professional services like Valuit

[Sam3000]

Thank you for your reply. After having the value what is the next step. Who is going to set it out in the qV website. Should I do it before settlement date which is in 10 days from now or after?.
Thanks

[klauster]

Nothing to do with QV website.
Preferred - you attach to the S&P agreement the chattel list, that can also be created after settlement.
The chattel list is for you accountant for setting the depreciation schedule - that all.

[Sam3000]

I see, the figures on qV website doesn't mean anything for chattels deprecation or rates

[klauster]

By the way - for new chattels you take the purchase price (incl. GST), for trading property without GST

[Sam3000]

Sure, In that case I can do the chattels valuation after settlement but has to be done before renting it out. Right? The chattels are already included in the sales and purchase agreement.

[Rosco]

Hi Sam,

Generally it is easier to use www.valuit.co.nz, and do the valuation as soon as possible. They give you a list of about 20-30 chattels that you can depreciate, the value and the depreciation rate.

Otherwise very hard to determine or prove the value of chattels for depreciation.

Ross