HOW WE MAXIMISE YOUR DEPRECIATION DEDUCTION
- Personally inspecting your property to ensure that all depreciable plant and equipment is correctly identified and costed
- Accessing our enormous database of historical information on construction costs
- Drawing upon the extensive local industry knowledge of our Managing Director who holds a QUT Bachelor Degree in Quantity Surveying and has over 20 years experience in the construction and investment market
- Preparing your Tax Depreciation and Capital Allowances Schedule in an easy to read and understandable manner, able to be handed straight to your accountant
- Combining all of the above with the fastest turnaround times
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FREQUENTLY ASKED QUESTIONS
As Tax Depreciation and Capital Allowances is a relatively obscure section of the Tax Act, we have listed below some commonly received questions from potential clients
- My Accountant has told me I need a Depreciation Schedule. Can you tell me what it is and why I need one?
- My property is 10 years old. Is it worth depreciating?
- My property has been renovated. Can I claim the renovation costs?
- Some of your competitors are quoting considerably higher fees. Will I get more depreciation from someone else?
- I want to rent out my principal place of residence. Can I claim depreciation?
- How much will a Tax Depreciation and Capital Allowances Schedule cost me?
My Accountant has told me I need a Depreciation Schedule. Can you tell me what it is and why I need one?
Further to the information noted on our website, Redline Quantity Surveyors strongly recommends that even the most savvy property investors familiarise themselves with the following Australian Taxation Office publication:
http://www.ato.gov.au/content/downloads/IND00191817n17290609.pdf
This easy to read publication focuses solely on Rental Properties and best describes not only depreciation but all the other tax deductions that could save you thousands over the duration of your investment.
My property is 10 years old. Is it worth depreciating?
Absolutely. All properties, irrespective of age, contain items that are worth depreciating. Ideally, in order to claim both Tax Depreciation and Capital Allowances, construction of your residential investment property needed to commence on or after 18 July 1985.
If construction of your residential investment property commenced prior to 18 July 1985, please phone us to discuss the viability of obtaining a Tax Depreciation and Capital Allowances Schedule for the property.
My property has been renovated. Can I claim the renovation costs?
Absolutely. All costs, apart from soft landscaping, associated with the renovation can be depreciated.
Where the renovation costs are unknown, Redline Quantity Surveyors will prepare an estimate and include within your Schedule.
Some of your competitors are quoting considerably higher fees. Will I get more depreciation from someone else?
No. Tax Depreciation and Capital Allowances Schedules do not come in varying forms. They are governed by Australian Taxation Office guidelines, which are not open to interpretation and cannot be varied to produce better results.
To understand the broad range of fees you may be quoted, you really need to understand the Quantity Surveying profession. Quantity Surveyors offer many services and some firms do not consider Tax Depreciation and Capital Allowances Schedules to be a focal point.
Thus, companies focusing on traditional Quantity Surveying services will quote higher fees because Tax Depreciation and Capital Allowances Schedules are not their core business. When asked why their fees are so much higher naturally they are going to tell you they will get more depreciation rather than admitting that they do not want your work.
Finally, Redline Quantity Surveyors like to pass the savings on to the customer. The more Tax Depreciation and Capital Allowances Schedules you do, the more efficient you become and no other company in the region prepares as many Schedules as Redline.
Whether it is saving time and money with access to our database of historical information or simply because we are inspecting a number of properties in your area, these and other efficiencies, are directly reflected in our competitive fee structure.
I want to rent out my principal place of residence. Can I claim depreciation?
Yes, depreciation deductions are still available.
Please check with your accountant and/or tax advisor during the transition to determine whether you require a property valuation for future capital gain calculations.
How much will a Tax Depreciation and Capital Allowances Schedule cost me?
Depending on age, location and other influences, the following represents our fee structure for the majority of residential properties:
- Low-rise residential properties $330 to $660
- High-rise residential properties $495 to $660
To obtain a free quote for residential investment properties, simply click here and we will provide you with an obligation free quotation customised to your property.
For commercial properties, please phone our office for a free no obligation quote.