Obtain a depreciation schedule prior to any renovations/refurbishments

Typically, when a client purchases a property with the intention to renovate – they get started on this straight after settlement as they do not realise that Plant & Equipment items (Division 40) are revalued at settlement.

Residual Value Write Off claim is also important – For example, if you wish to renovate the kitchen, bathroom or laundry in a property which was built on or after 18 July 1985, the assessor will be able to determine the residual value for these.

Although these items may be in a dilapidated condition, they will still have value.

Throwing away/demolishing these items is like throwing away money!!

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