Our team is highly qualified and dedicated to providing you with the best possible service, ensuring that you get the most out of your tax deductions. Get a free estimate on our quantity surveying services by calling us or filling out the online form.
If you are a property investor, you’re probably aware of the tax deductions that come with owning investment properties. However, we find that so many first-time investors aren’t aware that property depreciation is the second largest tax deduction they can claim on their investment property after interest on loans.
Duo Tax is a quantity surveying firm that helps Australian property investors maximise their depreciation deductions. The team of quantity surveyors and expert tax agents provide professional, practical and affordable advice on how to get the most out of your investment by making sure you're claiming all of your available deductions.
Our Coffs Harbour quantity surveyors have over 30 years combined experience providing tax depreciation reports, construction cost estimates and property valuations.
As avid investors ourselves, our goal is simple - make every cent count. We are committed to providing you with accurate, reliable and timely information that will help you pocket more cash from your investment property.
Our local quantity surveyors can help you claim tax depreciation deductions in Coffs Harbour and a broad range of surrounding suburbs in the Mid North Coast of New South Wales.
As a building gets older, its structure and the assets within the building are subject to general wear and tear. In other words, each year, the value decreases and thus, depreciates. When it comes to your investment property, these items are classified as either Plant and Equipment assets or Capital Works assets.
The ATO allows property investors, who generate income from their investment property, to claim the property depreciation as a tax deduction.
Division 43 Deductions refer to the depreciation of the structure of the building. The structure of a residential and commercial building generally has an effective life of 40 years. In other words, you can claim the decrease in its value for a deduction for 40 years, provided that you’re generating an income from the property.
You can claim a capital works deduction on construction costs too.
The term “plant and equipment” refers to the fixtures and fittings that are found within the building and are generally easily detachable from the property.
The rate at which plant and equipment fixtures depreciate depends on the ATO’s Asset Effective Life Schedule, which gives guidance on how many years an asset is effective before it’s worn out. The ATO recognises more than 6,000 different assets that investors can claim tax deductions on.
For example, dishwashers have an effective life of 8 years.
Claiming tax depreciation on investment properties involves identifying its value, estimated construction costs, and fittings and fixtures. A tax depreciation schedule is a comprehensive report detailing how much depreciation you can claim on your investment property to pay less tax.
The tax depreciation schedule document is typically prepared by a professional quantity surveyor, who will inspect your investment property and assign a value to each asset.
With over 30 years of combined experience, we have developed a team of quantity surveyors and tax agents dedicated to providing clients with an unrivalled service and expertise on all aspects of depreciation, construction cost estimates and property valuations.
We provide expert advice and work tirelessly to ensure each client's goals are met. We take the time to understand your individual needs and goals before providing you with a tailored solution. Our aim is always to exceed expectations by ensuring you're taking full advantage by maximising deductions.
In addition, all of our depreciation reports are ATO compliant, and we’re an affiliate member of the Australian Institute of Quantity Surveyors (AIQS) – the nationally recognised professional body for quantity surveying.
Our free online rental property depreciation calculator will give you an accurate assessment of your project and its cost, potential savings and cash return.