MCG QUANTITY SURVEYORS BLOG

Claim Tax Depreciation Entitlements

Tax Depreciation

In the 2010/2011 financial year, the ATO reported that there were 1,811,174 individuals that owned a rental property. If you’re one of those investors, it’s crucial to ensure you’re claiming your depreciation entitlements.

Many property investors dutifully pay their tax every year, without exploring the entitlements available to all Australian taxpayers. If unaware of your entitlements, you could lose out on thousands of dollars every year and the opportunity to significantly reduce your taxable income.

While many people are aware of depreciation schedules and that it is possible to claim benefits, more often than not, they don’t think these benefits apply to their property. You’ll be pleasantly surprised that by taking a few simple steps, you may be eligible to claim significant deductions against your investment property.

Most properties, regardless of their age, can offer investors substantial tax benefits, through a tax depreciation schedule. And, if you have never claimed depreciation, you could be eligible for a substantial back claim.

Always ensure you use a quantity surveyor to prepare your tax depreciation schedule. Quantity surveyors are qualified to identify and value capital and structural works, and know the legislation regarding plant and equipment. With a complete site survey and report, you’ll have a detailed, accurate schedule which will maximise your claim.

When seeking tax depreciation for your investment property, it’s important to remember that not all tax depreciation schedules are the same. Typically, tax depreciation schedules follow standard approach to claiming the available deductions, rather than undertaking an informed investigation, tailored to their client’s needs. At MCG, we do depreciation differently. By getting to know you and your unique situation, we maximise your return, ensuring you get everything you are entitled to.

At MCG, we set ourselves apart from the competition. We do this by setting a new benchmark standard in customer service. We know that every property and property owner is unique. So, we take the time to get to know you, tailoring our approach to your situation. Trust the tax depreciation schedule of your investment property to us, and you’ll be amazed by the return you’ll receive.

However, high tax depreciation returns are only one reason to choose MCGQS. We offer –

Premium Service – We strive to exceed your expectations

Tailored Reports – By understanding your situation, we can maximise your return

Fast Turnaround – Our talented team perform a site inspection and report within 7-10 days

Qualified and Registered – We are a proud member of the Australian Institute of Quantity Surveyors and Registered Tax Agents

No Upfront Payments – Unlike other firms, no upfront payment is required. We complete the work first!

Cost Effective – We are industry leaders who offer competitive prices. The best of both worlds!