Despite the country’s housing interest rates skyrocketing, the city of Rockhampton has shown that it can remain resilient, showcasing steady growth with a 9% increase in house prices.
Consistent and stable in its growth over the past two years, primarily attributed to government investments and the revitalised local economy, the Rockhampton market is expected to maintain this steady pace of growth, with a further 5% increase in house prices anticipated for 2024.
Now, whether you’ve mastered the art of property development or looking to embark on your first property investment, Washington Brown Rockhampton has the expertise to assist in optimising your tax deductions for your property investments.
How will a depreciation schedule help me pay less tax?
Watch the video to learn how to pay less tax:
How much does a depreciation report cost?
Get a Free Depreciation Quote for Rockhampton
Whether it’s commercial, residential or industrial, our team of seasoned quantity surveyors provides services to Rockhampton and its neighbouring areas including Parkhurst, Allenstown, Gracemere, Frenchville and Norman Gardens.
Backed by over four decades of industry expertise, our Rockhampton quantity surveyors hold accreditation from the Australian Institute of Quantity Surveyors.
We are committed to providing unwavering support and comprehensive tax depreciation guidance, ensuring our clients capitalise on maximum tax deductions for their investment properties.
Do you need to inspect the property?
There are three reasons why not all properties need an inspection, watch the video to learn why:
How is a depreciation schedule structured for properties located in Rockhampton?
Important factors to take note of when creating a comprehensive depreciation schedule
- It offers both prime cost and diminishing value methods for optimal tax planning
- The report should span 40 years, providing longevity in your tax returns
- Ensure the quantity surveying firm of your choice is accredited and recognized by the Australian Institute of Quantity Surveyors and authorised by the Tax Practitioners Board
- Avoid generic calculations that begin on July 1 each year and instead have it tailored to your settlement
- Have a quantity surveyor inspect and evaluate your property, taking into account recent legislative changes (only if needed)
- Benefit from our team’s over four decades of industry experience in quantity surveying
How long does a depreciation report usually take to prepare?
The process of completing a comprehensive depreciation report may vary, depending on factors such as property complexity, data availability, and the expertise of the quantity surveyor or depreciation specialist.
Usually, the process can take approximately 1 to 2 weeks from initial consultation to completion.
This timeline includes consultation, property inspection (if needed), data compilation, depreciation allowance calculations, and report finalisation. Ensure you communicate with your chosen professional to obtain a more precise estimate tailored to your unique needs.
Can my accountant undertake the depreciation schedule in Rockhampton?
Where costs are unknown, it is advisable that neither accountants, property managers, nor valuers produce tax depreciation schedules.
Tax Ruling TR 97/25, stipulates that Quantity Surveyors are equipped with the necessary experience in estimating construction costs and plant and equipment assets when prices are unclear.
Which means your accountant, property manager nor valuer will be able to estimate these costs.
How much can I potentially save with a depreciation schedule?
To calculate your potential savings, make use of the property tax depreciation calculator. Simple and easy to use, this is the only calculator on the market that provides a depreciation estimate solely based on the purchase price input.
Just input the following details into the calculator:
- Purchase price
- Property type
- Property age
- Purchase date
- Property location (Rockhampton)
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 Rockhampton property.
Should I get a depreciation report done every year?
The short answer is no. You generally only need to get a depreciation schedule prepared once, when you initially buy the property. However, if you make significant renovations, then you may wish to have the report revised.
Ultimately, it’s always best to speak with a qualified quantity surveyor or tax advisor to determine how often you should obtain a depreciation report based on your specific circumstances and investment objectives as they can provide personalised guidance tailored to your needs.
What steps must I take to begin my property depreciation schedule first?
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 Rockhampton has been proudly servicing the Rockhampton region for over 40 years now – it’s the experience that counts! Trust Washington Brown with your investment property.