Property investors can improve their tax position through depreciation claims. Commercial and residential buildings and strata properties depreciate in value over the life of the asset. The Australian Tax Office (ATO) allows owners and investors of income-producing properties to claim a tax deduction for this depreciation in the value of the building, the fixtures, fittings and equipment used in the building.
Houspect works with qualified Quantity Surveyors (Registered Tax Agents) to provide Tax Depreciation schedules for investment property owners in greater Melbourne and regional Victoria including Bendigo, Ballarat, Geelong, Warragul and surrounds.
A Tax Depreciation Report allows investors to maximise the property investment depreciation deductions they are entitled to by ascertaining the values of buildings and fittings and the allowable costs, then calculating the depreciation claims using ATO-approved rates of depreciation. Some low value items may be written down entirely in the first year. The tax schedules for your property are calculated for 40 years, using both the prime cost method and diminishing value method for your accountant to refer to.
Our qualified Building Inspectors gather the relevant information on site at your investment property and the Quantity Surveyors assess records on the value of the property so as to calculate and maximise the amounts you can claim.
If you have constructed a new property for investment the ideal time to prepare the tax depreciation schedules is at handover inspection. Call Houspect and book both inspection services. If you have an older investment property there are still plenty of depreciable items to claim on.