Tax Depreciation Reports
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ACP can provide a Tax Depreciation Schedule
for $12.38* including GST
*(average price per report per annum. This is based on a 40 year lifetime report for a typical residential investment property inspected by our team.)
Tax Depreciation reports are available to the property investor
in accordance with the guidelines stipulated by the Australian
Taxation Office.
We offer two separate services to the property investor,
the “Property Inspection and Report”and the
“Self-Assessed Report”:-
Property Inspection and Report* ($450 plus GST)
***SYD/MELB/BRIS***
In this instance you simply fill in the brief application form and we will arrange to inspect the property and prepare your report. *We are currently offering this service to all properties located within the Metropolitan areas of SYDNEY, MELBOURNE AND BRISBANE. If you would like to proceed with the “Property Inspection and Report”, please download the attached application form.
Self-Assessed Report ($239 plus GST)
***AUSTRALIA WIDE including all Regional Areas***
We are able to provide a discounted fee on all reports that are ‘self assessed’ that is, where you advise us of the details that we would otherwise obtain by inspecting your property. Our report is prepared on the basis of the information that you supply to us through our comprehensive, property checklist and is available Australia wide.
For more information about ‘self-assessed’ tax returns we refer you to the following ATO link:- www.ato.gov.au/individuals/content.asp?doc=content/13685.htm
If you would like to proceed with the “Self Assessed Report”, please download the attached application form and checklist
Commercial Depreciation Reports
Should you require a Commercial Depreciation report, please contact us directly for an obligation free quotation by calling 1300 550 311 or going to the attached link. General Enquiry Form
Content of Our Reports
Regardless of the type of report that you select, the format of the final report is the same
Benefits of Depreciation
We pride ourselves on the vast number of referrals we
receive in response to our service.
By obtaining a Tax Depreciation Report for your property you
can legally claim money back from the Taxation Office that would
otherwise be unnecessarily forfeited in tax.
The benefits of depreciation are widely recognised in property
circles as the most important factor in achieving a cash positive
situation for your rental property.
Should you have not already done so we recommend that you discuss
the full benefits of depreciation with your accountant.
The role of the Quantity Surveyor
Quantity Surveyors are recognised under the Australian Tax Office
Ruling No. 97/25 as appropriately qualified professionals for
the purposes of assessing the construction value of rental properties.
Specifically TR 97/25 holds that: “Unless they are otherwise
qualified, valuers, real estate agents, accountants and solicitors
generally have neither the relevant qualifications nor experience
to make such an estimate”
Types of Claimable Depreciation
There are two distinct types of building related depreciation
that can be claimed by the taxpayer:
1. Division 43 – Capital Works Deductions
A flat rate of depreciation can be claimed against the original
construction cost of the building. Typically the flat rate applied
is 2.5% per annum however this percentage may increase to 4% subject
to the date of construction and the function of the building.
2. Division 40 - Plant and Equipment Allowances
To put it simply you are able to claim a number of items within
a building at an accelerated rate of depreciation that is in excess
of the flat rate provided by the Division 43 allowance. Items
of a building that can be claimed at an accelerated rate include
carpet, airconditioning, appliances, curtains, hot water units
and a multitude of other items that the tax office considers have
a lesser life span than the overall bricks and mortar components
of the building.
Did you Know?
- Division 43 Capital Works deductions can be claimed on all
residential construction that commenced after 17 July 1985.
- Plant and Equipment items can be claimed even if the property
was constructed prior to 17 July 1985.
- As the owners of a strata unit you are entitled to claim a
portion of the value of “common property” areas within
your complex.
- Depreciation is claimable on the value of second hand plant
and equipment regardless of the age of the property
- An immediate deduction is available for items costing $300
or less.
- Our reports are tax deductable
- Our tax depreciation reports are prepared by qualified professionals.
We invite you to contact us directly should you wish to discuss
your property requirements further.
TAX DEPRECIATION APPLICATION FORMS
Click on the link below to download a Tax Depreciation Application Form onto your computer.
Property Inspection and Report ($450 plus GST) ,
please download the attached application form
Self Assessed Report ($239 plus GST),
please download the attached application form
and checklist
