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Are you looking for a tax depreciation schedule?
The Duo Tax quantity surveyors are leading experts in providing accurate tax depreciation reports at competitive pricing. With over 30 years of combined experience, we will provide you with a detailed report that includes all relevant information about the construction costs for your residential or commercial investment properties.
Whether it’s for building works, renovations, or established properties, our reports are always up to date and cover every aspect of your depreciation claims - and the tax benefits are significant!
We’ll ensure that every depreciation deduction is accounted for – no matter how small – so that you get back everything that’s owed to you. As avid investors ourselves, we love helping other investors save money on their taxes because it means they have more cash in their pockets.
Whether you’re located in Tweed Heads or surrounding suburbs, our local business and team of quantity surveyors can provide high-quality tax advice and guidance to help you get the most out of your investment properties, so you can accurately claim depreciation deductions on your income tax.
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 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, vinyl flooring has an effective life of ten 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.
Following an inspection of your property, a professional quantity surveyor will prepare your tax depreciation schedule document containing the value of each asset as well as how much it has already depreciated and how much it will continue to depreciate over its effective life.
Duo Tax Quantity Surveyors is a tax depreciation firm that has helped many property investors save thousands of dollars each year thanks to their accurate tax depreciation reports.
Our team has extensive experience in this field with over 30 years of combined expertise in providing reliable analysis on all aspects of depreciation, construction cost estimates and property valuations. Our quantity surveyors are qualified under the Australian Institute of Quantity Surveyors (AIQS) standards to provide accelerated depreciation schedules for your building project.
We can provide you with all the information you need to make an informed decision when it comes to claiming deductions on your property. And all of our depreciation reports are ATO compliant.
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.
Our free online rental property depreciation calculator will give you an accurate assessment of your project and its cost, potential savings and cash return.