Washington Brown Depreciation
Washington Brown is one of Australia’s leading Quantity Surveying firms. We specialise in the preparation of comprehensive depreciation schedules that maximise tax savings on your investment property. Come tax time, you simply present this report to the accountant completing your tax return.
Whether you're a major developer or a small-scale residential investor, our focus is equally detailed and our aim crystal clear: to ensure you obtain every last cent of depreciation allowance you're legally entitled to. And that means more money in your pocket.
Why use Washington Brown to prepare my depreciation report?
What is Depreciation?
How much will my Depreciation schedule cost?
How much will I save?
Does Washington Brown offer a guarantee?
Will you need to inspect my property?
How long will it take to complete my schedule?
Is my property too old to claim Depreciation?
My property is renovated. Can I still claim?
I bought my property three years ago. Can I still make a claim?
Why use Washington Brown to prepare my depreciation report?
First of all - we guarantee you'll save at least twice our fee in the first 12 months - or your report will be free. So you have nothing to lose and plenty of tax deductions to gain.
With offices all around Australia, we undertake to inspect your property within two weeks of the appointment being booked - a commitment that leads the industry in client service.
As appointees of major banks like the Commonwealth, Suncorp and St. George, we have access to real historical construction cost and planning data that only panel members can utilise.
We are members of the Australian Institute of Quantity Surveyors. To find out if your QS firm is a member of the Institute, check The Australian Institute of Quantity Surveyors (AIQS) website.
As industry leaders for more than 30 years, we boast an extensive client list including Meriton, Valad Property and Walker Corporation. This is testament to our expertise and ability to provide real tax savings.
We prepare more than 10,500 reports annually, delivering $1.5 billion in depreciation savings each year.
It's our winning combination of accounting experience; construction industry knowledge; and a detailed understanding of property related tax law that ensures you will receive the maximum tax deductions possible.
What is Depreciation?
Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your investment property against your taxable income.
There are two types of allowances available: depreciation on Plant and Equipment, and depreciation on Building Allowance.
Plant and Equipment refers to items within the building like ovens, dishwashers, carpet, light fittings, blinds etc. Building Allowance refers to construction costs of the building itself, such as concrete and brickwork. Both these costs can be offset against your assessable income.
Click here for a list of depreciable items and capital works deductions.
How much will my Depreciation schedule cost?
The cost of preparing a tax depreciation schedule varies according to the type of property you’ve purchased, location, size and numerous other factors.
The cost of depreciation schedules are individually quoted and fees are 100% tax deductible.
Obtain an online quote today by clicking our online quote button
How much will I save?
Each property is different and many varying factors must be considered when preparing a tax depreciation schedule. With this in mind, we have launched the Washington Brown Depreciation Calculator to give you an estimate of potential deductions.
Does Washington Brown offer a guarantee?
Absolutely. We promise to save you twice our fee in the first year or the report will be free. This guarantee is based on the tax deduction calculated 12 months from your settlement date.
Will you need to inspect my property?
The Australian Institute of Quantity Surveyors (AIQS) Code of Practice stipulates that site inspections are necessary to satisfy ATO requirements. However, some firms will not inspect your property or will get you to do it for them.
At Washington Brown, our trained quantity surveyors ensure all depreciable items are noted and photographed. This guarantees you won’t miss out on any deductions. The documentation can then be used as evidence in the event of an audit.
How long will it take to complete my schedule?
Your depreciation schedule will take approximately 2-3 weeks to complete, as long as we can inspect your property without delay. In some cases, we can offer priority service at an additional charge.
Is my property too old to claim Depreciation?
The simple answer is no. If your residential property was built after July 1985 you will be able to claim both Building Allowance and Plant and Equipment. If construction on your property commenced prior to this date, you can only claim depreciation on Plant and Equipment (i.e. carpet, blinds, ovens etc). But it will still be worthwhile.
Commercial and industrial properties are subject to varying cut off dates. Click here for more information.
My property is renovated. Can I still claim?
Yes. We will need to know how much you spent on renovations. This is an ATO obligation. If the previous owner completed the renovations you are STILL entitled to claim depreciation. In either case, where the cost of renovation is unknown, we are fully qualified to make that estimation.
I bought my property three years ago. Can I still make a claim?
Yes you can. Your accountant can amend your previous tax returns up to 4 years back. There are some exceptions so please contact your tax agent or the ATO for clarification.
