A Tax Depreciation Schedule is an essential tool for the property investor to take advantage of the tax deductions available to you under the tax act.
As buildings age, they wear out, or “depreciate”. Over time, plant & equipment items such as carpet, kitchen appliances, hot water systems (to name a few) may need replacing. A Tax Depreciation Schedule allows you to claim a reduction in the value of these items (as well as the building itself) over time.
Under the ATO rulings, depreciation is divided into Plant & Equipment items (Division 40) and Capital Works (Division 43).
Quanto use our extensive and varied knowledge of construction cost estimating and ATO rulings to ensure that our clients receive the best possible advice on property depreciation.
Our Tax Depreciations Schedules ensure you are receiving the maximum possible deductions and provide a summary of both
methods of depreciation available (Diminishing Value and Prime Cost) over 40 years. Once we have prepared your report, you can use it to claim property tax depreciation on your property for every financial year for up to 40 years.
Upon inspection, we can identify any prior renovations to your property and include these in the report. Ask us about “scrapping” items if you are planning to renovate your property.
If you are not currently claiming depreciation on your investment or commercial property, you are probably missing out on thousands of dollars worth of deductions per financial year. These are legitimate tax deductions and if you don’t claim them, you lose them.
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