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If you own an investment property, then the tax benefits can be significant. However, we find that so many investors aren’t taking advantage of their depreciation - which is the second biggest tax deduction after interest on your loan.
The Duo Tax team of Quantity Surveyors makes it easy for you by providing accurate depreciation reports so you can maximise your deductions and reduce your taxable income from rental properties.
Our simple three-step process makes it easy for anyone to get started and take advantage of our services.
To get your hands on a depreciation schedule, all you have to do is get in touch with a Duo Tax quantity surveyor. First, we’ll ask you a few simple questions to see if your property qualifies. Then, with our knowledge, experience, and expertise in the field, we’ll be able to give you an accurate assessment of the depreciation deductions you can claim on your annual tax return.
And then, in about 5 to 10 business days, your personalised depreciation report will be delivered to you and your accountant.
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 Toowoomba and a broad range of surrounding areas in South East Queensland.
As a building gets older, its structure and its assets 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 long 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, blinds have an effective life of 10 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 that details the tax depreciation deductions you can claim on your investment property to pay less tax.
The tax depreciation schedule document is typically prepared by a professional quantity surveyor following an inspection of your investment property, where they will assign a value to each asset.
Duo Tax Quantity Surveyors in Toowoomba are the leading specialists in depreciation schedule preparation for all types of buildings, including residential and commercial projects.
Our team has over 30 years of combined experience in drafting accurate depreciation reports, construction cost estimates, and property valuation reports to suit your investment property needs.
We can help you with any type of building project, whether it is a new construction or renovation, residential or commercial property. This includes preparing depreciation reports for both new and existing properties that will provide you with an accurate estimation of how much you can claim as a tax deduction.
Our mission is to help reduce the tax burden by providing the most affordable, convenient and aggressive tax depreciation report service so that you can maximise the return on your property investment.
All of our 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.