Depreciation is an often-overlooked lever in property investing, yet it can dramatically reduce tax liabilities and bolster cash flow.
If you have purchased an investment property in Geelong, a depreciation schedule will unlock significant savings and help you pay less tax.
In this guide, we’ll explore how to harness its full potential to maximise returns. Whether you’re a seasoned property fund or just starting out, Washington Brown Geelong is here to help ensure you capture every available deduction.
Watch the video below to learn how depreciation works
How will a depreciation schedule help me pay less tax?
What areas do you prepare depreciation reports in and around Geelong?
Our service covers a wide range of properties from residential to industrial to commercial, extending our service offerings in Geelong and its surrounding areas, including Barwon Heads, Torquay, Lara, Warrnamnbool, Lorne, Port Fairy and along the Great Ocean Road.
Do you prepare Melbourne depreciation schedules as well?
Yes we do, but you are best to contact our Melbourne office.
How much will a depreciation report cost me to organise?
Simply enter your details below and we will analyse your rental property and send you a quote:
Get a Geelong Depreciation Quote and Pay Less Tax Today
Boasting over 45 years of industry experience, our team of experienced quantity surveyors in Geelong is accredited by the Australian Institute of Quantity Surveyors. We are committed to delivering comprehensive tax depreciation guidance to our clients.
You can count on us to meet all your quantity surveying needs and ensure you maximise tax deductions on your investment property.
Do you offer a guarantee if I order a depreciation report?
Absolutely. If we cannot get you at least twice our fee in deductions for you, in the first 12 months, we will give you the report for free.
Do you need to inspect every property?
No, we don’t. When the laws changed in 2017, you can only claim depreciation on the building structure, unless your property is brand new.
There are three main reasons why we don’t need to inspect every property now – watch the video below to learn why:
Important factors to include to ensure a detailed depreciation schedule:
- Offer both prime cost and diminishing value methods for optimal tax planning.
- Span 40 years in the report for longevity in tax returns.
- Ensure accreditation and recognition from the Australian Institute of Quantity Surveyors, authorised by the Tax Practitioners Board.
- Tailor the depreciation report to the settlement date, not a generic calculation, which usually starts on July 1.
- Have the quantity surveyor evaluate if an inspection is needed, as not all properties mandate one following legislative changes.
- We have over four decades of quantity surveying experience.
How long can I expect to wait for a depreciation report ?
The time frame for a more accurate depreciation report for properties in Geelong depends on various factors.
The main factor is whether the property needs to be inspected. We will analyse your property and work out the best plan for you to get the maximum depreciation in the quickest time at the optimal price.
Shouldn’t I just get my accountant to do the depreciation report?
No, while it may be more convenient for your accountant to prepare a depreciation schedule when the costs are unknown, accountants, property managers, and valuers are unable to do so.
According to Tax Ruling TR 97/25 quantity surveyors are the only designated professionals for estimating construction costs and plant and equipment assets in situations where prices are uncertain.
How much can I expect to save with a depreciation schedule?
To ensure you get a more accurate estimate of how much you can save, you can use our unique property tax depreciation calculator. It is the only depreciation calculator that enables you to get a depreciation estimate based on the purchase price of the property.
Insert the following details in the calculator:
- The purchase price
- Type of property
- Property age
- Date of purchase
- The nearest location of the property
Then press calculate. Once you have pressed ‘calculate’, you should be able to receive an estimate of how much you can now claim in depreciation deductions on your Geelong property.
How often do I need to do a depreciation report?
You don’t need to order a depreciation report every year; the report should last you for the life of the property unless you make major changes to the property.
However, for a more specific recommendation based on your individual circumstances, it’s best to consult with a qualified quantity surveyor or tax professional for personalised advice.
Washington Brown Geelong has been proudly servicing the Geelong region for over 45 years now—it’s the experience that counts! Trust Washington Brown with your investment property.