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If you are an investment property owner and have not already completed a Tax Deprecation Schedule you could be missing out on thousands of dollars worth of tax deductions.
Our Quantity Surveying division facilitates the completion of timely and accurate Tax Depreciation Schedules, in order to maximise your legitimate property tax deductions with minimum fuss.
What is depreciation?
Capital assets owned and used for producing income, including investment properties are depreciating assets. These types of assets decline in value or lose value over time.
The Australian Tax Office recognises this so the cost of capital assets used in producing your assessable income can be written off, over a period of time in the form of tax deductions
Do I quality for a deduction?
All investment property owners are entitled to some level of capital write down of their investment, which can be off set against your assessable income.
Capital allowance consist of the capital works allowance and plant and equipment allowances.
Residential properties built after 17 July 1985, are eligible to depreciate the construction costs.
Residential properties built before 17 July 1985 that have been refurbished after this date are still eligible for depreciation.
Plant and Equipment:
There are over 200 of these items. These include carpets, window treatments, kitchen appliances, hot water systems, air conditioning and furniture.
By inspecting your property, we will identify every depreciable item and maximise your deductions no matter how old your property, you should be eligible to claim depreciation on plant and equipment items.