Why every property investor in Melbourne needs a depreciation schedule.
Simple. A depreciation schedule or depreciation report will save you money as a property investor.
For over 40 years Washington Brown Quantity Surveyors have been preparing Melbourne depreciation schedules in Melbourne and the surrounding regions – Ballarat, Dandelong, Geelong, Bendigo, Albury, Frankston, Melton, Werribee, Pakenham, Tarneit, Moe, Craigieburn
How will a depreciation schedule help me as a property investor?
You can claim the wear and tear of an investment property against your taxable income. If the property is brand new you can claim both the Plant & Equipment (Ovens, Dishwashers etc.) together with the Capital Works deductions (Brickwork, concrete i.e. the structure of the building).
How much does a depreciation scedule cost?
Fees can vary subject to whether your property needs an inspection or not. The recent depreciation law changes have meant that not every residential property needs an inspection now.
The type and size of the property can also influence how much your depreciation report will cost.
Click the link to you a depreciation schedule quote.
What does a depreciation schedule look like?
A depreciation schedule should provide two ways you can claim depreciation. Firstly it should show the prime cost method of depreciation and also the diminishing value method.
How much can I save if I order a depreciation report?
The best way to work out how much you can claim on your investment property is to use the Property Depreciation Calculator.
Step One – Enter the details of your investment property including
- How old the property is
- The purchase price
- The nearest city (Melbourne)
- The standard of finish
- When you bought it
Step 2 – See how much your depreciation schedule estimate will enable you to claim.
Can my accountant prepare my depreciation schedule?
The Australian Taxation Office has ruled that Quantity Surveyors have the appropriate skillset to prepare depreciation schedules – not accountants.
You can find the ruling here Tax Ruling TR 97/25.
Do you prepare depreciation schedules on commercial properties?
Washington Brown has been preparing depreciation on a range of properties for many years. We have prepared reports for Large shopping centres, industrial complexes down to your suburban office suite.
The good news about a commercial property or non-residential property is that you can still claim the Plant & Equipment even if the property is second-hand, unlike residential Melbourne deports.
So whether you are the landlord of the tenant you still can benefit from a depreciation report, because if you are a tenant you can claim the depreciation on the fit out. If you are the landlord you can claim the depreciation on the building itself.
Washington Brown are members of the Australian Institute of Quantity Surveyors and the Tax Practitioners Board.
How long will it take for my depreciation schedule to be prepared?
The main factors in determining how long a depreciation report will take to prepare really comes down to whether the property needs an inspection or not and how easy gaining access to the property is.
Obviously, due to the law changes, if your property does not need an inspection the report will be with you quicker.
On average the reports can take between 3-10 days for you to receive.
We guarantee to save twice our fee in the first year or your tax depreciation report will be FREE. Try our exclusive tax depreciation calculator and find out how much money you could be saving!
Maximise the tax savings on your investment property. Get a quote now