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Before settlement Depreciation booking OK?

Discussion in 'Accounting, Tax & Legal' started by vsdabhi, 26th Oct, 2009.

  1. vsdabhi

    vsdabhi Member

    Joined:
    6th Oct, 2009
    Posts:
    17
    Location:
    Perth WA
    Hi, I am buying a 2nd IP. Offer has been accepted. Can I book depreciation before settlement date? Property inspection and pest control are booked. The only reason is convenience. The property is vacant and vendor is happy to do so.
    Regards;
    VSDABHI
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    I don't see why not.

    The deprecation schedule likely can be prepared in advance of settlement - however if the settlement date changes the schedule would need to be updated to reflect this - and the quantity surveyors may charge you to fix it and re-print.

    Call up your preferred QS and ask them.

    Let us know the result.

    Thanks
     
  3. vsdabhi

    vsdabhi Member

    Joined:
    6th Oct, 2009
    Posts:
    17
    Location:
    Perth WA
    Thanks a lot. I did the same, requested to change the settlement date as the prop did not settled on booked date.
     
  4. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Do they ever settle on time?

    Lol :D