Over the last year, property prices within regional Queensland recorded the second-highest growth in Australia. Ranking amongst the top-performing locations over the last quarter, with a median house price of $556 250 and a median unit price of $$372,500 in Q2, showcasing a growth of 5.0% in houses and a %3.5 in unit prices.
This strong and growing market is great for both residential and commercial properties, making it increasingly popular with investors.
Have you just purchased your first or next investment property in Toowoomba? Count on Washington Brown to help maximise your tax deductions! We specialise in various properties, from residential to industrial to commercial.
We extend our service offerings in Toowoomba and its surrounding areas, including Rangeville, Mount Lofty, Centenary Heights, Middle Ridge, Westbrook, Harristown, Newtown, Darling Heights, and Kearneys Springs.
The Australian Institute of Quantity Surveyors has accredited our knowledgeable team of quantity surveyors in Toowoomba, and they have more than 40 years of combined experience.
At Washington Brown, we are committed to delivering comprehensive tax depreciation guidance to our clients. Count on us to fulfil your quantity surveying needs and maximise tax deductions for your investment property.
What can I expect from a depreciation schedule?
A depreciation schedule for properties in the Toowoomba region provides you with a detailed breakdown of the assets you own, in this case (your investment property and its plant and equipment), along with their respective values and depreciation rates over time.
The depreciation schedule also showcases just how much each asset has depreciated or lost its value during specific periods, helping you understand its financial impact.
It also includes information about the method used to calculate depreciation, which can be straight-line or accelerated depreciation.
To maximise your tax deductions while remaining compliant with tax rules and legislation, request a quote from our team at Washington Brown today!
How are depreciation schedules typically structured for properties in Toowoomba?
Important factors to weigh for achieving a thorough depreciation schedule
- It should 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.
- Washington Brown has over four decades of experience in quantity surveying.
How much does it cost to get a depreciation report?
Simply fill in your details below, and we will send you a no-obligation, free quote:
Depreciation Quote Toowoomba
How long does a depreciation schedule take?
A comprehensive depreciation schedule can take anywhere from one week to a month. The time frame all depends on whether or not there are delays in the process.
However, quite a few factors come into play to ensure you get an accurate depreciation report on your Toowoomba property.
This includes the complexity of the property, the accurate and available data gathered, and the expertise and efficiency of your chosen quantity surveyor or depreciation specialist.
The entire process includes an initial consultation, property inspection if needed, data gathering, depreciation allowance calculations, and report finalisation.
Not all properties need to be inspected now due to the changes in depreciation laws.
To ensure you get a more accurate estimate that is tailored to your needs and situation, check directly with the surveyor or firm for a more accurate estimate based on your specific situation.
Can my accountant handle the preparation of a depreciation schedule?
No, it is not advisable when the costs cannot be determined, as accountants, property managers, and valuers do not possess the expertise to create tax depreciation schedules.
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.
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 Toowoomba property.
Do I need to do a depreciation report regularly?
Not necessarily. However, we recommend applying for a depreciation schedule for your investment property as soon as you purchase it.
If any major changes occur to the property, we advise you to review and update your depreciation report every few years to ensure you’re maximising your tax deductions effectively.
For a specific recommendation based on your circumstances, it’s best to consult with a qualified quantity surveyor or tax professional for personalised advice.
Can you explain how property developers and investors benefit from obtaining a property depreciation report?
Here’s a quick look at how property developers and investors can benefit from a depreciation report:
- They can maximise their tax deductions through accurate depreciation calculations.
- Improves cash flow and enhances return on investment.
- Provides valuable insight that can assist in budgeting and making informed decisions regarding investments and property acquisitions.
- It also ensures tax compliance and reduces the risk of audits and penalties by maintaining accurate financial records.
Overall, property depreciation is essential for optimising tax benefits, maximising profitability, and minimising risks in property investment endeavours.
What next step must I take to get up to speed with my property depreciation schedule?
You first need to receive a depreciation schedule quote to begin the process.
To discuss your specific property, call us now on 07 3041 4151.
Washington Brown Toowoomba has been proudly servicing the region for over 40 years—it’s the experience that counts! Trust Washington Brown with your investment property.