The Depreciation Schedule Process
Step 1, Organsing the Property Inspection
Once we have your managing agents/tenants details, we'll contact them to arrange a convenient time for the inspection. We'll explain what we need to do on site and are happy to inspect before or after hours to minimise the impact on the tenant. Once we've booked the inspection we'll let you know.
Step 2, Coordinating the Report Information
While we're organising the inspection, we'll let you know the information we need from you to complete the report. The basic information includes the legal name for the report to be made out to, whether you have made any additions to the property, the date you moved out if you occupied the property, your settlement date and any other information you may know about the property. We'll help you through the information gathering process and we can often find most of the information on your behalf.
Step 3, Researching Property Information
We'll undertake searches and enquire with the local council as to whether any improvements have been made to the property. You're able to claim deductions on renovations by the previous owner! So we'll need to try and find out what was done and when. Often this process includes searching for historical photographs, contacting sales agents and with common property we'll need to source the strata plan and calculate your strata entitlement. If your property is strata titled, you're able to claim deductions over the common property such as lifts, basements, fire services and much more.
Step 4, Conducting the Site Inspection
One of our qualified Quantity Surveyors will undertake a thorough inspection identifying all assets and improvements. We take photographic evidence of the building, improvements and any renovations as well as the plant and equipment items. We also take notes regarding the plant items and measurements of the property. From here we'll complete the report within 7 working days.
Step 5, Completing the Depreciation Schedule
We'll take the information we've sourced from our research and the property details and specifications from the inspection and complete the report ensuring that all items that qualify for a 100% deduction are itemised as well as low cost & low value pooling assets. It's our job to maximise your depreciation deductions and you can rest assured that we're experts at maximising deductions!
Step 6, Issuing the Report & Follow-up
Once completed, the report will be issued to you as a PDF showing the depreciation deductions each financial year for 40 years. If you're provided your accountants details, we'll also send a copy of the report directly to them. This ensures they have a copy ready to go when it comes time to preparing your tax return. We'll answer any questions from your accountant about the report. We're also more than happy to answer any questions you might have and walk you through the deductions. Knowledge is power!