Still with plenty of room to grow, Wollongong has ranked no. 5 in the top 10 list, according to Hotspotting for regional areas across the New South Wales region. It achieved a median value of $1,002,913 and a growth of 5.6 percent in 2023.
A vibrant hub for both investors and homebuyers, it has continued its upward trajectory, outperforming the greater NSW region. The Wollongong market showcases promise for 2024/25 and while it may not be exactly cheap to invest in property within this region, it does however, offer value which can be similarly compared to that of a property in the greater Sydney Metro.
Whether you are a property developer or first-time property investor, Washington Brown Wollongong can help optimise tax deductions for your property investments across various sectors, from commercial to residential to industrial.
How will a depreciation schedule help me?
With a team of experienced quantity surveyors, our services extend to Wollongong and its surrounding areas, including Gwynnville, Austinmer, Cringila, Fernhill and Warrawong.
With over 40 years of experience, our team of quantity surveyors in Wollongong are accredited by the Australian Institute of Quantity Surveyors.
We are committed to supporting and providing expert guidance on your Wollongong tax depreciation schedule, ensuring you maximise tax deductions on your investment properties.
How much does it cost to get a depreciation report?
Simply enter your details below and we will provide you with a customised quote for your property:
Get a Wollongong Depreciation Quote Today!
Do you need to inspect every property in the Wollongong region?
Not anymore; we used to do so, but the laws changed. We now analyse your property first, then advise the best was to get the maximum depreciation at the best possible price. Watch the short video to learn more:
What does a Wollongong depreciation schedule look like for property investors ?
Key components included in a detailed depreciation schedule
- Thorough property inspection done by a quantity surveyor (only if needed)
- The quantity surveying firm of your choice should be accredited by the Australian Institute of Quantity Surveyors and authorised by the Tax Practitioners Board.
- Detailed inventory of depreciation assets and precise calculation of depreciation rates
- Using the following depreciation methods (e.g., prime cost, diminishing value)
- The report should be applicable for 40 years to ensure longevity in your tax returns.
- Washington Brown has over 40 years of experience
What is the expected timeline for preparing a depreciation report?
The process typically takes around 1 to 2 weeks from commencement to conclusion. This entire process involves initial consultations, property assessment (if necessary), information gathering, depreciation calculation, and finalising the report.
However, to obtain a more accurate timeframe, it’s advisable to liaise closely with your selected professional, taking into account your specific circumstances and requirements.
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Can’t my accountant simply prepare the report?
No, when costs are unknown, accountants, property managers, and valuers aren’t allowed to create tax depreciation schedules.
According to Tax Ruling TR 97/25, Quantity Surveyors possess the expertise to estimate construction expenses and asset values when costs are unknown.
Can I expect any savings with a depreciation schedule?
To find out your potential savings on your Wollongong tax depreciation schedule, utilise the property tax depreciation calculator. It’s user-friendly and effective in offering a depreciation estimate based solely on inputting the purchase price. Simply provide the following details into the calculator:
- Purchase price
- Property type
- Property age
- Purchase date
- Property location (specifically Wollongong)
Then press calculate.
Once you have pressed the calculation, you should be able to receive an estimate of how much you can now claim in depreciation deductions on your Wollongong property.
How frequently should I consider obtaining a depreciation report?
The good news is, you only need to engage Washington Brown once – unless you carry out a major renovation on the property.
It’s advisable to consult with a qualified quantity surveyor or tax advisor to determine the most appropriate frequency for obtaining depreciation reports based on your specific circumstances and investment goals.
Does a depreciation report offer any benefits to property developers?
Yes, a depreciation report offers multiple benefits to both property investors and developers. An accurate report documenting the property’s depreciation allowance, structures and fixtures, allows investors the opportunity to claim increased tax, reducing their taxable income and improving cash flow.
Property developers can also benefit from depreciation reports by producing a depreciation estimate to enhance the sales campaign of the development.
What are the first steps I should follow to get started on my property depreciation schedule?
To begin the process, you first need to receive a depreciation schedule quote.
We will then reach out to you; if we have any queries, email you the pricing.
To discuss your specific property, call us now on 1800 890 200.
Washington Brown Wollongong has been proudly servicing the Wollongong region for over 40 years now – it’s the experience that counts! Trust Washington Brown with your investment property.