Get a free estimate on our quantity surveying services by calling us or filling out the online form. Our team of quantity surveyors and registered tax agents in Townsville will provide you with accurate quotes for residential and commercial properties based on your needs and budgeting requirements, so contact us today!
Are you a property investor looking to maximise your tax deductions?
We’re here to help. At Duo Tax, we specialise in helping investors understand the ins and outs of depreciation deductions on investment properties. Our team of expert quantity surveyors and tax agents are avid investors themselves, so know that every cent counts.
With over 30 combined years of experience and a nationwide presence, we focus on the most aggressive form of tax depreciation, which means more cash in your pocket.
Our qualified quantity surveyor team will provide a detailed report on how much your property has depreciated and will continue to depreciate. 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.
We are committed to providing you with accurate, reliable and timely information that will help you pocket more cash from your investment property.
Serving all Townsville suburbs and surrounds, our local quantity surveyors can help you claim tax depreciation deductions in: Hermit Park, Cranbrook, Annandale, Mysterton, Mount Louisa, Townsville city and surrounding suburbs.
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 refers to the deductions you can claim in relation to the property’s building structure. The effective life of the building structure of any residential or commercial property is 40 years. This means that you can claim deductions for depreciation over a 40 year period, provided that you’re generating an income from the property.
This also applies to construction costs for any improvements or expansion on the building.
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, a carpet, which is subject to a fair amount of wear and tear, has an effective life of eight years.
Claiming tax depreciation on investment properties involves identifying its value, estimated construction costs, and fittings and fixtures. A tax depreciation report 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, Duo Tax has earned its reputation as one of the best quantity surveying firms in Townsville for all your depreciation, property valuation and construction cost planning needs.
Our team of qualified quantity surveyors have the expertise to help you complete your tax depreciation schedules with accuracy. We can provide you with a hassle-free service, ensuring that you receive the maximum allowable depreciation deductions for your property.
Our quantity surveyor experts are passionate about helping investors save money, and we will work hard to ensure you get the most out of your investment.
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.