Tax Depreciation Reports Made Easy

Save thousands of dollars on your residential or commercial investment property. Tax Depreciation is a tax deduction designed to cover the ownership costs of wear and tear associated with residential and/or commercial investment properties.

Here at Summit Quantity Surveyors we are experts at preparing Tax Depreciation Reports and we take pride in helping investors in Brisbane, the Gold Coast, Sunshine Coast and beyond.

The legislation relating to Tax Depreciation & Capital Allowances, namely Divisions 40 & 43 of the ITAA1997, allows all owners of income producing investment properties to claim depreciation deductions.

The deductions relate to depreciation on the building structure (Div. 43) which is depreciated over a 40 year period at a flat rate of 2.5% per year and is based upon the buildings historical construction cost.

Internal fittings & fixtures such as carpets, curtains, whitegoods, air-conditioning systems, solar panels, ceilings fans, etc are also depreciable but attract a higher rate of depreciation ranging from 10% per year up to 40% per year. These are more commonly known as plant & equipment and are governed by Div. 40 of the Tax Act.

Professionally prepared schedules by a qualified company

The Australian Taxation Office (ATO) notes that Quantity Surveyors are one of the few suitably qualified professionals under taxation ruling TR97/25 that are able to prepare these reports on behalf of taxpayers. This is because depreciation on the building structure (Div. 43) is based upon the buildings historical construction cost. Quantity Surveyors are specifically trained in calculating what buildings cost to construct as opposed to say valuers who are trained in the estimation of what a building and the land it is built upon is worth.

Summit Quantity Surveyors is one of the most experienced firms the country having been at the forefront of this section of the tax act for well over 20 years. We can prepare detailed tax depreciation schedules anywhere in Australia.

As a benefit to our clients, Summit Quantity Surveyors is currently employed on contract by some of the country’s most respected residential and commercial construction companies to provide real time estimating advice which allows us to be at the cutting edge of Tax Depreciation Report preparation.

For expert Tax Depreciation Reports in Brisbane, the Gold & Sunshine Coasts or in Townsville, get in touch today.

If you would like to organise an appointment or learn more about how properly-completed tax depreciation reports could save you, then call us today on 1300 786 367, or send us a message on or via our contact page.

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