{"id":14418,"date":"2017-10-23T01:00:09","date_gmt":"2017-10-22T14:00:09","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14418"},"modified":"2017-10-23T01:00:09","modified_gmt":"2017-10-22T14:00:09","slug":"the-life-of-a-schedule-brad-beer","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-life-of-a-schedule-brad-beer\/","title":{"rendered":"The life of a schedule \u2013 Brad Beer"},"content":{"rendered":"<p>Ivan poses a question for <strong>Brad Beer<\/strong> about how long 20 year depreciation schedules last.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:\u00a0\u00a0<\/strong>I\u2019d like to answer a question of the show now that came in from Ivan Lim. Thank you for your question, Ivan. We\u2019re directing this one as you requested to Brad Beer at BMT Tax Depreciation.<br \/>\nFirstly, hi, Brad. How are you? Brad\u2019s on the line. G\u2019day, mate.<br \/>\n<strong>Brad:\u00a0\u00a0<\/strong>I\u2019m great, Kevin. How are you today?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good, mate. Here I am talking about you and not talking to you. My apologies.<br \/>\n<strong>Brad:<\/strong>\u00a0 That\u2019s fine.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I\u2019ve sent the question from Ivan through. Let\u2019s quickly read it. \u201cHi, Brad. Prior to using BMT, I\u2019ve used other quantity surveyors.\u201d Unforgivable Ivan, I will say. \u201cThey\u2019ve produced depreciation reports that report up to ten years. BMT\u2019s report lists depreciation for 20 years.<br \/>\n\u201cMy question is what do I do with my old reports, which are coming up to the ten-year mark, when I know there are is still depreciation left to claim, mainly on the capital works, Division 43? Do I get another depreciation schedule? This is without any substantial renovation to the property.\u201d<br \/>\nOver to you, Brad.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks, Kevin and Ivan. The answer is no, you don\u2019t need to go and get another depreciation schedule. I see you\u2019ve done no substantial renovation to the property. <em>That Division 43 number capital works that you\u2019re talking about there is actually the same number and continues for the full 40-year life of that building.<\/em> So, if it was new when you bought it, that same number continues.<br \/>\nWith the plant and equipment for everything that is left, it\u2019s actually quite easy. Your accountant will be able to calculate what the next year\u2019s numbers are. It\u2019s a very simple science and the quantity surveyor should be able to help you, or the accountant will do it, or I\u2019m happy to give you the way to do it in more detail if you like.<br \/>\nWe do project the detailed list for the 20 years, and that\u2019s because most of the plant and equipment has gone by then, but we do actually provide the numbers for the full 40 years of ownership on a different page in your report that you have from us. So, you should never have to revisit and get those numbers back in a different way.<br \/>\nIf you do any major work to it or even if you do do work to it these days,<em> I\u2019m a believer in the option of the live depreciation schedule where if you do change something, you should be able to update that<\/em>.<br \/>\nWe\u2019ve built a portal that means that your BMT one, should you change something, you can easily online update them, and as an existing client, you\u2019ll have access to that and we\u2019ll be able to put your schedules in there.<br \/>\n<strong>Kevin:<\/strong>\u00a0 The information about that live site, is that on your website?<br \/>\n<strong>Brad:<\/strong>\u00a0 It is. It\u2019s called My BMT. If you\u2019re an existing client, we can easily give you access, and you can also share the reports with your accountant, as well. He can get access to those as they get updated.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Dumb question, but let me ask it. I am the dumb person in the room. He mentions someone else producing the depreciation reports for 10 years and BMT\u2019s are 20 years. Is that the norm?<br \/>\n<strong>Brad:<\/strong>\u00a0 Ours are 20 years in detail, but they\u2019re actually projected for the 40 years. It\u2019s actually just on a different page of the report. When we first started, we actually did do them for 10 years back many years ago, <em>but we updated the people<\/em> when they came to us in year 11 and gave them the rest of the numbers because by then, we were well and truly doing them for the full 40 years.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s certainly a great tool to be able to do it live and update your records online. They pretty much live live there, Brad.<br \/>\n<strong>Brad:<\/strong>\u00a0 They live in an environment where as you change things, you can update them, and really your accountant is not searching around for invoices at the end of the year. I\u2019ve updated it, we\u2019ve taken the old things out, the new things go in, and your accountant can see those numbers as you change things through the life of the property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Excellent stuff. Brad Beer, of course, a regular guest on your show and a sponsor too, BMT Tax Depreciation. You can use the button on any one of the pages at Real Estate Talk to contact the guys at BMT Tax Depreciation.<br \/>\nAnd Ivan, thank you so much for your question as well.<br \/>\nBrad, thanks for your time.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks Kevin. Great to be here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ivan poses a question for Brad Beer about how long 20 year depreciation schedules last. Transcript: Kevin:\u00a0\u00a0I\u2019d like to answer a question of the show now that came in from Ivan Lim. Thank you for your question, Ivan. We\u2019re directing this one as you requested&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,22,25],"tags":[101],"class_list":["post-14418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The life of a schedule \u2013 Brad Beer - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-life-of-a-schedule-brad-beer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The life of a schedule \u2013 Brad Beer - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Ivan poses a question for Brad Beer about how long 20 year depreciation schedules last. 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