A Tax Depreciation Schedule is a fancy name for a document that tells your accountant how much depreciation to claim on your property.
And depreciation is just compensation for wear and tear. Buildings wear out. So do stoves, carpet etc – especially with tenants. So you get to depreciate them, or write them down, a bit every year.
And the cost of getting a Depreciation Schedule is 100% tax deductible.
‘Can’t my accountant just do it?’ That’s what many people ask. The problem is that accountants don’t have the skills to estimate what a property might have cost to build, or renovate. The people best qualified to that are quantity surveyors.
Accountants used to have a stab at estimating construction costs, but the ATO put a stop to that. So hundreds of accountants send their clients to us.
They send their clients to us because they know we keep on top of the rule changes, and because they know that when they get one of our Schedules it will have exactly what they need.
Here is what one of these accountants has to say about us and our Schedules:
‘My firm has used Depreciator for several years. We have always found them to be professional and the reports they produce have always been easy to follow when we use them for tax return preparation. I even use them for my own properties. I’ve referred numerous clients to them. Why? Because they are easy to deal with, they take good care of my clients, they know the rules inside out, and their Depreciation Schedules are easy to use - as an accountant I have seen some terrible Schedules in the past. They have always been helpful. If a client has lost a schedule they will promptly provide a soft copy at no charge. I believe they are amongst a select few that are reputable in the industry.’
Strategic Wealth Management Pty Ltd