In 1990 I was at a cross-road in my life – I wasn’t sure if I wanted to finish my Uni degree in Construction Economics…
So like all good young Aussies – I took off and went backpacking.
During this period, I sold “Luncheon Vouchers” via telesales, worked in factories and stacked shelves.
One day I went to work, and at the time, I was earning about £2.60 per hour – I did the math and calculated that it was more expensive to have lunch away from home & get the train to work compared to what I was making during the day!
That’s when I decided it was time to come home – and having those jobs made me realise that I needed to finish uni and start my career.
So… what has this got to do with London Property Depreciation?
We started doing depreciation schedules in London about three years ago – I never thought we would do so many reports in the UK.
I thought we would do a lot more in the US than in the UK. But lo and behold – we prepare more depreciation schedules in the UK now than we do in all other parts of the world combined (excluding Australia, of course).
That makes this little Aussie backpacker smile. I’m finally getting to pay off my backpacking days!
The good news is that we now have an ex-employee in London to cater for physical inspections where the case may require it.
We also prepare overseas depreciation schedules for most countries around the world. Depending on the country, we have various non-inspection and inspection options.
Learn more about claiming depreciation on your overseas property.
What can you claim in London Tax Depreciation Schedule?
Like a standard depreciation report on Australian residential investment property, a depreciation schedule has two components.
Firstly you can claim the capital works allowance tax deduction, which relates to the property’s structure.
This allowance is based on the property’s construction costs, and property owners can claim this deduction at a rate of 2.5% per annum based on the actual construction cost.
The Australian Taxation Office allows Quantity Surveyors to estimate the construction costs where the costs are unknown.
You can also claim the depreciation of the Plant & Equipment, items such as carpets, ovens and dishwashers.
However, if purchased after 2017, those items now need to be brand new to claim them.
If you require a quote for a London Depreciation Schedule – click here.