Do you have a Depreciation Schedule in place for your Investment Property?

Depreciation is the accounting method used for calculating the loss in value of a building over time. You can claim this loss in value as a tax deduction in your annual tax return. Having a Depreciation Schedule in place is an essential part of any Investment Property strategy.

 

Depreciation applies to

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Doesn’t my accountant look after that?

Only a qualified Quantity Surveyor can prepare a Depreciation Schedule. An accountant can order one for you, however this may take longer and end up costing more than if you had one already prepared.

Will this just be a new fee that I have to pay year after year?

A Depreciation Schedule lasts for the life of the property (40 years). You only have to pay one initial tax-deductible fee for the schedule, and then it is yours to provide to your accountant throughout the life of your property.

I’ve owned my investment property for many years without a Depreciation Schedule in place, is it too late to benefit now?

Not at all! A Depreciation Schedule can be used to amend up to two previous tax returns to recoup missing deductions. Now is the best time to order your Schedule – if you pay before June 30, you can claim the fee as a deduction in your tax return this financial year. 

My investment property is a small apartment, surely there won’t be much to deduct?

Owners of apartments are able to claim Depreciation on a portion of the strata common areas.

You can claim depreciation on:

  • Bricks & mortar

  • Carpets & flooring

  • Toilets & showers

  • Air conditioning & solar panels

  • White goods

  • Electrical appliances

  • Door handles & garbage bins

  • Pools & pergolas

  • Strata common areas


How does it work?

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We conduct a thorough site inspection to assess the structure, fittings and furnishings at the property.

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Our qualified quantity surveyors produce the schedule detailing your deductions for up to 40 years.

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Your accountant applies these deductions to your annual tax return throughout the life of your property.


STANDARD RESIDENTIAL – $595 (inc gst)


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