It has proven well worthwhile getting depreciation schedule for all three.
"I have 3 units that all fit into different categories - pre 1985, post 1985 and brand new. It has proven well worthwhile getting depreciation schedule for all three – even the pre 85 property. I have been more than happy with [Depreciator's] service."
Why do more accountants send their clients to us than any other Tax Depreciation Schedule provider?
They love our new CSV format. It saves your accountant lots of time, and that will save you money.
They know our Schedules are ATO compliant
They know we only use appropriately qualified people on site (you wouldn't believe what some companies get up to)
They know our Schedules are complete, so they don't have to do anything to them. Remember, if your accountant needs to fix up your Schedule, you'll be paying for it twice
They know we are the experts because Depreciation Schedules are all we do - residential, commercial, rural. Australia wide
Tax Depreciation is a pretty general tax term and has been around for ages. It is something that businesses have been taking advantage for a long time. Put simply, it means that businesses can claim deductions (depreciation) over time for money they spend on their Assets. Businesses have buildings, computers and vehicles and any number of things that they depreciate over time. They are allowed to do that because those things lose value due to wear and tear.
So how does this relate to property investors? Owning an investment property is a bit like owning a business. There is money coming in (rent) and money going out. The property itself suffers wear and tear and can be depreciated. So how do you claim it?
‘Property depreciation’ is one of those terms that is a bit vague. When people talk about ‘property depreciation’, what they are referring to is the idea that an investment property can be depreciated, or written-off over time.
They are referring to something called ‘Tax Depreciation’ and the document that sets out how much depreciation a property investor can claim is called a Tax Depreciation Schedule. So what sort of things can be depreciated?
When property investors think of Tax Depreciation Schedules, they think of Quantity Surveyors – if they want the job done properly, that is. That’s why a Depreciation Schedule is sometimes wrongly called a ‘quantity surveyor report’.
So what is a Quantity Surveyor? As the name suggests, they are people who look at ‘quantities’. When somebody has a set of plans for a yet to be constructed building, a Quantity Surveyor can estimate what the building will cost to build based on the quantities of various materials.
Quantity Surveyors can also do is estimate what an already constructed building cost to build when it was built. And this is often the starting point for a Depreciation Schedule. Quantity Surveyors are university trained – they usually have a degree in Construction Management. What does a typical job involve?