Depreciation schedules Townville: A quick guide

In recent years, the Townsville region has seen a surge in prices and has emerged as a popular buying choice among property investors and developers.

Over the last twelve months, the median house price has increased by 21.2% to $430 000, whereas apartment prices have increased by a modest 1.6% to $310 000.

Following such a healthy growth rate, the Townsville region is bound to continue this strong performance well into 2024 and beyond.

To ensure you maximise your tax deductions on your Townsville depreciation schedule, Washington Brown can help you! Whether you’re an avid property investor or new to the real estate market, we cover different properties, from residential to industrial to commercial.

How does a depreciation schedule help me pay less tax?

A depreciation schedule in Townsville can help you pay less tax

What areas do you service from your Townsville office?

We prepare depreciation schedules in Ayr, Mount Isa, Porcupine, Mackay, Bowen, The Whitsundays, Kirwan & Charter Towers.

How much does it cost to get a depreciation schedule?

Get a Depreciation Quote and Pay Less Tax

Do you need to inspect every property?

This is no longer the case since the laws changed in 2017, and we analyse your property to see whether a depreciation inspection will benefit you. You can no longer claim depreciation on the second plant and equipment (ovens, dishwashers, etc.).

Watch the video to learn why:

Our experienced team of quantity surveyors in Townsville is backed by the Australian Institute of Quantity Surveyors. With over 40 years of industry experience, we are committed to delivering comprehensive tax depreciation guidance to our clients.

What can I expect from a depreciation schedule?

A depreciation schedule for properties in the Townsville region provides you with all the details you need regarding the investment property you own. This includes how much the property costs, the location of the property, and the date of purchase.

The schedule also outlines the depreciation method for each item, considering its effective life, potential loss of value over time, and how that loss can offset your taxable income.

How are depreciation schedules typically structured?

Key factors to consider for ensuring a thorough depreciation schedule

Offer both straight line method of depreciation and diminishing-value methods for getting the maximum claim.
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 does a depreciation schedule usually take?

For a more accurate Townsville depreciation schedule, the time frame depends on several factors, such as the complexity of the property, the available data gathered, and, most importantly, whether the property needs to be inspected.

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.

Would it be advisable for my accountant to 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 unknown.

Let’s talk numbers! How much can I save?

To ensure you get a more accurate estimate of how much you can save, you can use the property tax depreciation calculator. Simple to use and reliable, it is the only calculator on the market that generates a depreciation estimate with the simple input of a purchase price.

Insert the following details in the calculator:

The purchase price
Type of property
Property age
Date of purchase
The location of the property (in this case, Townsville)

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 Townsville property.