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Does your rental property have a tax depreciation schedule?
If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!
Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.
Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.
RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND
A tax depreciation schedule lists ALL your investment’s various items, the amount of wear left in them (effective life) and the dollar value you can claim against your assessible income.
A quantity surveyor is an expert qualified to prepare a tax depreciation schedule. Schedules typically cost between $300 and $600 and last for the life of the property. The fees involved are fully tax deductible.
Almost everyone working for us owns an investment property – and every one of our properties has had a tax depreciation schedule prepared. A number of firms provide these services Australia wide. The firm’s we have personally used include:
- Deppro
- Tax Shield from Urban Consulting
- Depreciator
- Depex
For more information please contact us on 9246 9055 (Marmion) or 9400 8400 (Joondalup) or send an email to: office@prouse.com.au.
If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants. We’ll be very happy to help you.
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