Tax Depreciation Schedules
If you are an investment property owner, there are certain items that you’re able to have assessed that can be used as deductions when filing your tax return. MCG Quantity Surveyors are experienced in Australian tax depreciation services, and we are proud to offer our expertise in Sydney, Melbourne, Brisbane, Newcastle and surrounding regional areas. Our report is tailored to provide the maximum deductions available, whilst remaining ATO compliant. It has been prepared in conjunction with accountants, and we're the preferred choice when it comes to tax depreciation schedules.
Property Depreciation - What can I claim?
Tax Deductions are broken into two components:
Plant & Equipment Items
Plant & Equipment Items include things like air conditioners blinds, carpets, cook tops, hot water systems, ovens and much more. These items will qualify for depreciation regardless of age, however the newer they are, the more deductions they attract. Renovations by previous owners may have provided new plant items.
Capital Works Allowance
Capital Works deductions are based on building improvements. They include the building structure itself as well as carports, hard landscaping and more. The building structure must be built after the 18th of July 1985 to qualify for depreciation. Any additions or renovations after that date will also qualify.
We'll contact the property manager or tenant to arrange a convenient time for the inspection. Our qualified Quantity Surveyors will undertake a thorough inspection identifying all assets and improvements.
We'll let you know the information we need from you such as whether you have made any additions to the property, your settlement date and the legal name for the report to be made out to.
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!
One of our Quantity Surveyors will schedule a time and inspect the property and we'll let you know that the inspection has been completed. From here we'll complete the report within 7 working days.
We'll complete the report ensuring that all items that qualify for a 100% deduction are itemised as well as low cost & low value pooling assets. You can rest assured that we're experts at maximising deductions!
The report will be issued to you as a PDF showing the depreciation deductions each financial year for 40 years. We'll answer any question about the report and walk you through the deductions.