All Tax Depreciation Schedules are fully and comprehensively checked and endorsed by Qualified Quantity Surveyors, prior to release and meet the stringent Quality Assurance Procedure and Programme as produced by the Company Directors.
What is a Tax Depreciation Schedule?
A Tax Depreciation Schedule is a holistic report, prepared by a Qualified Quantity Surveyor, capturing all depreciable components of your investment property. It lists all your investment’s various items, the amount of wear left in them (effective life) and the dollar value you can claim against your assessable income.
Unless you undertake major renovations to the property in the future, you should never need to have another report prepared for your property. For any improvements you make to the property, simply retain your receipts and forward these to your accountant who should be able to incorporate these additions into your existing Schedule.
How much Depreciation can I expect from my property?
The total depreciation that can be claimed will vary from property to property. This will depend, among other things, on the age and condition of the property.
Naturally, more depreciation will be identified in brand new properties, as the full 40 year depreciable lifetime will be available. As explained previously, properties constructed prior to 1985 will not be eligible to claim the Capital Allowance component of depreciation.
However depreciation on all Plant and Articles in the property will still be available. All renovations and improvements to the property will also be included in the depreciation calculations.
Contact your local Inspector
Why do you need to conduct an Inspection of my property?
It is very important that we undertake a full inspection of your property for a number of reasons:
- In order to produce and certify a legitimate Tax Depreciation Schedule, we are required to conduct a full property inspection.
- We are able to identify, and assign a value to, every depreciable component of your investment property.
- We are able to identify all improvements and renovations to the property.
- We are able to take measurements of your property to accurately calculate things like carpets, window covering, etc for inclusion in your Tax Depreciation Schedule.
- We take photographs of your property for inclusion in your Tax Depreciation Schedule.
Companies or individuals who prepare Tax Depreciation Schedules without conducting a full property inspection simply cannot certify that the calculations provided are legitimate and accurate.
Don’t risk it. Substandard Tax Depreciation Schedules will not withstand an ATO audit.