Category / Analysis for Sub $500 Assets

[Anthonyacat]

Does the $5000 mentioned include the costs to install the asset?

For example - if I buy a heatpump for $4000, and it costs an extra $1500 to install (so a total of $5500), will I then need to depreciate the full $5500 cost

Yes .

[BigWal_v2]

Yes .

Thank you very much, Anthonyacat.

Luckily it turns out that the full installed cost will be a tad under $5000, so I'll be able to expense the lot.

So I won't need to bother with depreciation calculations. Yay!

[Sam3000]

Yes .

Hi Anthony, I have a question. This is the first time I am filing this. Question number 18 in the IR3R Rental Income. The cost of buildings (excluding cost of land). Does this mean I have to include the building cost including chattels and building fitouts or exculded. Please your help is much appreciated.

[Wayne]

Hi Anthony, I have a question. This is the first time I am filing this. Question number 18 in the IR3R Rental Income. The cost of buildings (excluding cost of land). Does this mean I have to include the building cost including chattels and building fitouts or exculded. Please your help is much appreciated.

Maybe you should employ Anthony?

[Anthonyacat]

Maybe you should employ Anthony?

Haha - thanks for the recommendation Wayne! Though as per my signature, my client list is full at present.

As for your question, I am not ashamed to say I have no idea. I don't fill in IR3Rs, all my clients have a full set of financial statements prepared and I fill in the IR10 form instead. IR3R have always been fiddly pains in the butt, and I haven't even looked at the current iteration of it.

But there'll be an IR3RG brochure (or it might be part of the IR3G) that explains how to fill it in - have a search on the IRD site.