A property tax depreciation schedule or depreciation report is an important consideration for any investment property, this could be the difference between a cashflow positive and cashflow negative property. Depreciation expenses such as for the building structure as well as plant and equipment, are tax deductible for property investors. These expenses reduce the taxable income for investors and could be claimed every year through tax returns lodged with the Australian Tax Office (ATO).
There are several quantity surveyors to choose from, it is therefore important to understand the differences among schedules and reports. AussieQS specializes in a number of quantity surveying services within Australia including property tax depreciation. Our staff have extensive experience and knowledge on property tax depreciation, we serve a number of clients particularly recommended through property developers and accountants.
AussieQS depreciation reports are prepared for the 40-year building lifecycle as stipulated by the ATO. Our staff also have significant experience on both construction and facilities management (FM) projects, they have a very good understanding of how to price for a building’s fabric, services and assets. All our reports are prepared by our in-house staff and we take pride in our detailed analysis and customer-friendly approach.
Our processes make the service straightforward and at the same time focus on providing the maximum value for our clients. AussieQS is registered through the Tax Practitioner’s Board for providing property tax depreciation services and our members are also registered quantity surveyors through the Australian Institute of Quantity Surveyors and/or Royal Institute of Chartered Surveyors (RICS). We have many repeat customers that choose AussieQS due to our outstanding service.
AussieQS keeps updated on changes to depreciation legislation and can provide advice to clients on how changes may impact depreciation expenses. We provide an individually tailored solution which differs from other providers that provide depreciation services in bulk, this allows us to identify opportunities to maximise value for our clients. AussieQS depreciation schedules includes depreciation of both building (Division 43) and plant and equipment (Division 40) over the property’s lifecycle. We also provide both decline-in-value as well as prime cost depreciation schedules, so that your accountant can decide the ideal option that suits your needs for tax purposes.
Property investors could save thousands of dollars annually through claiming property tax depreciation. AussieQS has found on average investors are able to claim $5,000 to $10,000 in depreciation expenses for existing properties and around $15,000 to $20,000 for new properties per year over the first couple of years, noting however that each property has to be assessed individually as there are several factors to take into consideration.
Please click here Property Depreciation Form if you are interested in getting AussieQS to prepare a depreciation report for your investment property.
We have included some examples below:
Property Depreciation Examples