Tyron Hyde Tyron Hyde
Author

About Tyron Hyde

Tyron Hyde is the CEO of Washington Brown Quantity Surveyors. He is regarded as one of the industry's leading experts in property tax depreciation, is regularly quoted in the media & asked to speak at conferences.

Tyron hosts a podcast called "Ten with Ty" where he interviews Australia's most successful investors as a lasting legacy for his daughter and followers, teaching them how to build and maintain wealth.

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Tyron has a Degree in Construction Economics (UTS) and is a Fellow of the Australian Institute of Quantity Surveyors. He began his career at Washington Brown in 1993 as a wide-eyed intern looking for a break in the industry. Twenty eight years later, he is now the sole owner of Washington Brown Depreciation Pty. Ltd.

With his passion and knowledge of property depreciation, Tyron is a regular speaker at industry conferences and is often quoted in national media. He has also published numerous articles and books including his popular Keep Claiming It book.

Director at Washington Brown Depreciation University of Technology Sydney Property Depreciation, Quantity Surveyors

Investment Property Depreciation
#Claim Maximum Building Allowance #Plant & Equipment #Quantity Surveyor Report #Tax Depreciation Schedule
Investment Property Depreciation

Understanding Building Depreciation

Depreciation Calculator

Did you know that a quantity surveyor can be extremely helpful when dealing with investment property depreciation? People naturally aren’t too happy dealing with anything that has the word “depreciation” on it which would suggest a decrease in value. In the case of investment property though, depreciation can work in your favour as long as you play your cards right. How exactly is this so?

Now let’s say you’ve got an old and run down property that you’re looking to make good use of. To this end, you can either repair and renovate your old property or simply sell it off at a good price. Most people refuse to bother especially when there are maintenance costs involved and would rather sell an old property for some quick cash. However did you know that even with the maintenance fees, repairs and replacement costs, renovating an old property can actually yield the most benefit thanks to tax building depreciation. How exactly is this so?

Getting investment property depreciation to work in your favour

What most people that quickly sell off their old property don’t realise is that you can actually apply property tax depreciation against your taxable income. These tax claims can be made in 2 ways:

  • Plant and Equipment – covers taxable items used inside the property which includes laundry machines, air conditioning and other machinery’s
  • Building allowance – covers construction expenses for a property built before 1985

(NOTE: Deductions for these plant and equipment items may only apply if you bought the property prior to May 9, 2017 – Read about the Budget changes here).

Depreciation Quote Schedule

So how do you apply for the above-mentioned tax entitlements? You will need a quantity surveyor to do the legwork for you which includes organising a depreciation schedule which would help justify the tax deductions. While you can’t help but pay for the cost of repairs and renovations for an old property, you can get most (if not all of it) of it back by having to pay less tax.

A quantity surveyor will evaluate your property and create depreciation reports that the tax office can reference. Know that how big or small of a tax benefit you receive ultimately depends on the quality of the report and the skills of your surveyor.

Looking to get started with some of the best quantity surveyors in the country? Call Washington Brown today on 1300 990 612 and get all the help you need when it comes to calculating investment property depreciation.