Duo Tax Quantity Surveyor Wollongong
As the highest Google and Facebook-rated quantity surveyor team in Wollongong, NSW, we are tax depreciation experts and provide the most accurate and thorough 40-year tax depreciation schedules for your construction, residential or commercial investment property project.
Call us or fill out our online form to get a free estimate on our cost-effective services presented by quantity surveyors in Wollongong.
At Duo Tax, our quantity surveyors specialise in cost planning in the construction industry, but they are also recognised by the ATO as one of the few expert professionals qualified to compile a tax depreciation report for residential and commercial property investors.
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.
As a property investor, maximising your depreciation deductions should be a key focus!
Our 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.
And, as avid investors ourselves, if there’s one thing we’ve learned over the years, it is that every cent counts!
Serving Wollongong, surrounding suburbs and nearby locations, our local quantity surveyors can help you claim tax depreciation deductions in Austinmer, Berkeley, Brownsville, Cleveland, Dombarton, East Corrimal, Russell Vale, Scarborough, Towradgi, Unanderra, Warrawong and Yallah.
What is Property Tax Depreciation?
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, an oven has an effective life of 15 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.
A professional quantity surveyor typically prepares the tax depreciation schedule document following an inspection of your investment property, where they will assign a value to each asset.
Why Choose Duo Tax Wollongong for your Property?
We offer expertise in by assessing tax depreciation deductions for investment properties that are new, old, renovated, completely refurbished or for commercial fit-outs.
We have experience in depreciation schedules for all building types, including construction, residential and commercial projects.
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 Melbourne quantity surveying.
Our free online rental property depreciation calculator will give you a rough estimate of your project and its cost, potential savings and cash return.
Qualified Quantity Surveyors
Our reports provide up to 40 years of depreciation where applicable and we’ll even retrospectively help you claim on previous years you missed out on.
We’re Australia’s highest-rated Quantity Surveyors. Our Quantity Surveyors have served over 50,000 happy property investors.
With over 50 combined years of experience and a nationwide presence, our Duo Tax process focuses on the most aggressive form of tax depreciation.
We offer immediate and accurate over the phone estimates and have an average turnaround time of 5 business days.
Our Reports
- Simple, easy-to-read and results focused
- ATO Compliant and the choice for thousands of accountants and advisors Australia-wide
- Complete 40-year diminishing and prime-cost depreciation schedules where applicable
- Includes capital loss schedule to reduce your capital gains tax
