Depreciation FAQ

1. What qualifications do you have to do this work?

Houspect employs appropriately qualified quantity surveyors who have expertise in the calculation of building construction costs. All our inspectors are registered builders or architects and meet the Australian Taxation Office's guidelines for appropriately qualified persons.

2. Does Houspect comply with Australian Taxation Office guidelines?

Yes. Houspect prepares Depreciation Reports in accordance with Australian Taxation Office rulings and relevant guidelines.

3. What is tax depreciation?

Tax depreciation as a deduction against assessable income and can be used to improve the annual yield of an investment property.

4. Can I depreciate an old property?

Yes. You will almost always be eligible to claim depreciation on an investment property regardless of its age. The main consideration is the date you purchased it.

5. What happens if I have renovated my property?

Then you may be eligible for additional depreciation allowances for the capital you spent of those refurbishments. Houspect will at all times keep a record of your last report. We can therefore economically update your depreciation schedule to include any capital expenditure after you bought the property.

6. How long is the report relevant for?

Some capital items can be written off over a 40 year period.