It’s Tax Time don’t Forget to Claim Depreciation Fact Sheet

independent property inspections

It’s tax time – don’t forget to claim depreciation!

If you own investment property or have bought investment property in the 08/09 tax year it is time to get your property depreciation schedule prepared so that you can maximise your tax savings.
Did you know:
  • 52 percent of investors do not fully maximise their tax entitlements.
  • You are legally entitled to claim the depreciation of your investment property against your taxable income.
  • All properties will attract depreciation deductions – new property and previously owned property qualify.
  • If you have not been claiming or maximising your entitlements you can backdate your tax return up to two years!
  • The cost of the Tax Depreciation Schedule is 100% Tax deductable
  • If the property was built after 1985 you can also claim depreciation on hard landscaping items like Driveways, Paths, Paving, Retaining Walls, Swimming Pools, Fences, and even the clothesline.
  • A recent amendment to the Tax Agents Bill came into effect on 1st March 2010 and now it is imperative that a Tax Depreciation Schedule is only prepared by a suitably qualified Quantity Surveyor like the ones we use. Or you schedule may not withstand an ATO Audit.
How much can you claim?
Independent Tax Depreciation guarantee to save you twice our fee in the first 12 months or our report will be free.
Independent Tax Depreciation also guarantees to complete your schedule within 72 hours of receiving all the correct information and payment.
What do I do with the depreciation schedule report?
Simply hand it to your accountant at tax time and they will include it with your income tax return.
For all your Tax Depreciation needs call your local Independent Property Inspector on –