I have an older house as an investment property. Is it too old to justify getting a Tax Depreciation Schedule?
No. This is only true for the original structure of the house. Any additional works carried out after 1985 DO qualify for deductions. This can mean anything from a large extension to a kitchen or bathroom upgrade, new tiling or even external works.
We generally find that houses built before 1985 have had at least some renovation work that will substantiate a report being prepared. Upon inspection, our experienced quantity surveyors can identify any additions, estimate their cost and include them in your report.
We guarantee that if we can’t find enough deductions in the first full year alone to benefit you (usually around $2000), we won’t charge you a cent.
Why can’t my accountant prepare a Tax Depreciation Schedule?
While your accountant may be an expert in taxation, they are not qualified to estimate building costs to be used for depreciation, and they almost certainly wouldn’t inspect your property. The ATO recognise Quantity Surveyors as the qualified professionals to assess building costs to be used in depreciation.
My accountant told me it’s not worth getting a Tax Depreciation Schedule.
We hear this quite often and while sometimes it may be true, we find 99% of the time it is definitely worth it. If you don’t claim these deductions then you could be missing out on hundreds or even thousands of dollars in legitimate tax deductions. It’s like throwing money away, even our fee is fully tax deductible. If your accountant tells you it’s not worth getting a Tax Depreciation Schedule, contact us and we will let you know if it is worthwhile or not.
Will I need a new Tax Depreciation Schedule every year?
No. Our Tax Depreciation Schedules last for 40 years. The only reason you would need to get it updated is if there is a change of ownership or if you are planning any renovations.
What type of Construction Cost Estimate do I need?
Depending on what type of building you are constructing (commercial, residential etc) and what it is required for (bank finance, tender etc), a trade based cost estimate would usually suffice. We prepare these by measuring all elements of the architectural plans, breaking them down into their trades (concrete, brickwork, carpentry etc) and apply costs. Of course, every building is different so contact us to see how we can help you.
How will a Preliminary Cost Estimate save me time and money?
A preliminary trade based cost estimate is a detailed report that will show you exactly where the major costs of a development lie. It is much better to find out prior to construction how much something is going to cost that looks great on the plans, but may not be economical. By knowing where your major costs lie prior to construction, it makes it much easier to make amendments and stay within your budget.