Tax Depreciation Made Simple
Who doesn’t want to get more tax back each year? A tax depreciation report can do this. The ATO understands that as property investors we have an asset that makes us money, but it also understands that some of the assets attached to our property decline in value each year. This means that we can work out a figure for these parts that decline in value and deduct that figure from our taxable income EVERY YEAR.
All investment property owners like to make sure that they claim 100% of their allowable tax deductions. Read up about the importance of a qualified Quantity Surveyor. Getting tax depreciation could save you thousands of dollars annually, which means it is not something to gamble with and needs to be done right. It is a report or document that your accountant will continue to use every year you own the property.
Visit our Blog for regular examples of how much tax our property investors have claimed in their first year of using one of our reports.
If you are unsure of the current tax laws regarding depreciation on investment properties, then a Tax Depreciation Schedule prepared by one of our qualified Quantity Surveyors in Brisbane, Sydney, Melbourne, Adelaide, Gold Coast, Newcastle, Darwin or North Queensland could be one of the best investments you can make.
What is Depreciation?
Depreciation is the term used to describe the decline in value of an asset over the time it is used. As a property investor you have a number of assets attached to the property itself that you can claim tax back on. We blog regularly about which types of assets can be depreciated, so have a look here for some interesting articles on the topic or look at our breakdown of what we look for here.
What is a Tax Depreciation Schedule/Report?
A Tax Depreciation Schedule, or property depreciation report, is a document that lists all of the items of plant, equipment and capital costs which can depreciate over time for your new or existing investment property. Many property investors are now looking to commercial property investment for opportunities which also attract tax depreciation. Look to sites like Commercial Property Guide for these types of investments.
What is great about the report is that you only need to do it once and hand it to your accountant. It provides your accountant with the figures he can use to make your tax deductions on your property each year for 20 years! Read our article about why we think tax depreciation schedules should be renamed as Chocolate Sundaes.
Each depreciable item has its value calculated and its effective life determines the depreciation allowance available. Every item is tabulated and a total depreciation allowance per year is determined.
Why should you use a Tax Depreciation Schedule?
Because we ALL want to claim back as much tax as we can!
If you own an investment property then you are entitled to claim a range of deductions as assessed by a qualified Quantity Surveyor.
A Tax Depreciation Schedule allows you to claim all of the depreciable items for your property which, in return, reduces your taxable income and provides you with a greater return from your property investment.
If you do not have a Tax Depreciation Schedule completed for your investment property, you are potentially missing out on thousands of dollars’ worth of legitimately claimable tax deductions available to you each year.
Why use SJB Quantity Surveyors?
We are mum and dad investors just like many of you. We are not a huge corporate entity, but a family run and owned business that prides itself on taking care of our customers.
We look after you at every step of the process, but mostly through making sure we are maximising every cent possible that you can claim. You are not going to be bulk processed through a system, but will enjoy our attention to detail as well as great value – we will beat any written quote.
As specialists in the preparation of Tax Depreciation Schedules, we provide easy to understand, precise reports which are fully compliant with current Australian Tax Office legislation to ensure all of our clients obtain the best possible depreciation entitlements for their investment property.
Don’t trust just anyone to provide this service for you. SJB Quantity Surveyors are proud to provide accurate reports you can count on and we are considered to be one of the premier specialist quantity surveying consultant companies for tax depreciation.
With over 20 years’ experience in the construction industry, our qualified Quantity Surveyors will guarantee you will receive the best possible tax deduction available to maximise your investment returns.
SJB Quantity Surveyors prepare tax depreciation schedules in Brisbane, Sydney, Melbourne, Adelaide, Gold Coast, Newcastle, Darwin and North Queensland.
CALL US NOW TO DISCUSS YOUR TAX DEPRECIATION SCHEDULE AND QUANTITY SURVEYING NEEDS!