From 2022 to 2024, many places nationwide experienced capital growth, but few matched the Sunshine Coast’s extraordinary uplift.
Suburbs like Sunshine Beach doubled in three years. A massive program of infrastructure spending ($5 billion medical precinct, upgrading the airport to international status, and the creation of a CBD from the
ground up and a lot more) has made the Sunshine Coast an international city. The potential for ongoing growth is exceptional.
Property investors – it’s time to pay less tax and optimise your tax deductions on your investment property with Washington Brown Sunshine Coast. We focus on various sectors from commercial to residential to industrial, we’ve got you covered!
What areas do you serve around the Sunshine Coast?
Our service offerings are available on the Sunshine Coast and surrounding areas, including Maroochydore, Caloundra, Nambour, Noosaville, Noosa Heads.
As members of the Australian Institute of Quantity Surveyors, we have over 40 years of industry experience and are committed to delivering comprehensive tax depreciation guidance to our clients.
How will a depreciation schedule help me pay less tax?
What does preparing a depreciation schedule involve?
Since your investment property generates income, the ATO allows you to reduce your taxable income by the amount you can claim in depreciation on your investment property.
The depreciation schedule highlights the depreciation allowances, based on the diminishing value and prime cost method of assets over time, taking into account factors such as wear and tear and the expected life of the asset.
The longer the asset is expected to last, like bricks and concrete, the slower the depreciation compared to, say, carpets and ovens.
Through depreciation, property investors on the Sunshine Coast can optimise their tax deductions and boost their overall investment yields.
Do you need to inspect every property?
Not anymore! The laws have changed, and there are now three reasons not every property needs an inspection:
How much does it cost to get a depreciation report?
Simply input your details below and we will analyse your property and send you a quote:
Get a Depreciation Quote & Pay Less Tax
What format does a Depreciation Report follow?
Key takeaways for ensuring an extensive 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 July1.
- A quantity surveyor should evaluate the property, only if an inspection is needed, as not all properties mandate one following legislative changes.
- We have over four decades of quantity surveying experience.
What is the turnaround time for a depreciation schedule?
The turnaround time for a comprehensive depreciation report can vary based on various factors. These factors include the property’s complexity, available data, and the expertise and efficiency of the quantity surveyor or depreciation specialist.
Generally the process can take between 1 to 2 weeks from the time of engagement to completion. This includes the initial consultation, property inspection (if necessary), data gathering, depreciation allowance calculations and finalising the report.
Surely my accountant can look after this for me?
No, when costs are unknow, neither accountants, property managers,nor valuers possess the expertise to create tax depreciation schedules.
According to Tax Ruling TR 97/25 quantity surveyors are the designated professionals for estimating construction costs and plant and equipment assets in situations where prices are uncertain.
Show me the numbers! How much can I save?
For an accurate estimate on how much you can save, you can use the property tax depreciation calculator. Easy to use and reliable, it is the only calculator on the market that generates an accurate depreciation estimate using the input of a purchase price.
All you need to do is insert the following variables in the calculator:
- The purchase price
- Type of property
- Property age
- Date of purchase
- The location of the property (in this case, Sunshine Coast)
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 Sunshine Coast property.
Is a depreciation report completed annually?
No, there is no need to do a depreciation report every year. Typically, it’s recommended that you obtain a depreciation report for your property soon after its purchase.
Although you can review and update the depreciation report every few years or when any major changes occur to the property,.
However, specific recommendations may vary depending on individual circumstances, so it’s best to consult with a qualified quantity surveyor or tax professional.
Ok – lets the get the ball rolling – how do I start?
Simply get a quote on give us a call!
Washington Brown Sunshine Coast has been proudly servicing the Sunshine Coast region for over 40 years now—it’s the experience that counts! Trust Washington Brown with your investment property.