Duo Tax – Quantity Surveyor, Brisbane QLD
As the highest Google and Facebook-rated Quantity Surveyor team in Brisbane, we provide the most accurate and thorough 40-year tax depreciation schedules for your residential or commercial investment property.
At Duo Tax, not only do our Brisbane Quantity Surveyors specialise in cost planning, cost management and construction costs, the ATO also recognises them as one of the few expert professions qualified to compile investment property tax depreciation schedules for both residential and commercial property investors.
As a property investor, maximising your depreciation deductions is key. A depreciation report prepared by a Duo Tax member of our Brisbane quantity surveying team will ensure that you’re getting the full tax benefits you’re entitled to!
Whether you’re located in Brisbane, Ipswich, Redcliffe, Sunnybank, North Lakes or regional Queensland, our Brisbane quantity surveying services have you covered.
What is Property Tax Depreciation?
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, light fittings and freestanding lights 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 detailing 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, who will inspect your investment property and assign a value to each asset.
Why Choose Duo Tax Brisbane for your Property?
We offer expertise in QLD 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.
- 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