There are loads of companies out there doing Depreciation Schedules. Some are around all year, and then every tax season a bunch more pop up. And when things get quiet, they disappear again. They’re a bit like those frogs in the desert that only stick their heads up when it rains. They spend most of their time in the dark when it comes to the changing rules of depreciation.
What you need is a company that does Depreciation Schedules all year round and keeps up with rule changes. So that narrows the field.
Then you want a company that ONLY does Depreciation Schedules. There are lots of quantity surveying companies that do them as a bit of a sideline. They often don’t make much money from them relative to the other work they do, so they tend to not put a lot of effort into them.
It’s also important that the company you use only sends appropriately qualified people. You wouldn’t believe the shortcuts some companies take with the people they send to site.
That narrows the field even further.
When it comes to the Schedule itself, you need to make sure you’re not getting a one-pager – we’ve seen a few of them. And you want both methods of depreciation provided. And you want to make sure the Low-Value Pool is provided as an option. There isn’t much point saving a hundred dollars on a Schedule and getting one that is not complete.
And if the Depreciation Schedule is not complete, your accountant is going to have to fix it. And you’ll be paying your accountant to do this. More accountants recommend us than any other provider of Depreciation Schedules because they know our documents are ATO compliant and contain everything they need.
So why on earth would anyone not choose Depreciator?
Sometimes also called a Tax Depreciation Report or just a Depreciation Schedule, a Tax Depreciation Schedule is a document that shows your accountant the tax deduction they can claim for depreciation each year in your tax return.
Depreciation on your investment property is just compensation for wear and tear. Buildings wear out. So do stoves, carpet, etc – especially with tenants. So you get to depreciate them, or write them down, a bit every year. The amount of depreciation you can claim typically needs to be established by a Quantity Surveyor.
Without a Depreciation Schedule, your accountant will not know how much depreciation can be claimed on your property.
It is often the largest claimable tax deduction for rental properties.
Your Depreciation Schedule will show you how much depreciation can be claimed on the building itself year after year. It will also show you what can be claimed on eligible structural renovations.
And it will show the depreciation that can be claimed on brand new Assets, or fixtures and fittings.
Both methods of depreciation will be shown: Diminishing Value and Prime Cost – not everyone does that.
And the Low Value Pool will be there – some companies forget this, too.
Everything you need to claim depreciation every year will be in your Depreciation Schedule.
It depends. Don’t you hate that answer? How much a Tax Depreciation Schedule costs depends on the location, age of the property, and the amount of information you have on the property. Sometimes it may not be worth you paying somebody to inspect. We have a solution for those cases. In a quick phone call 1300 660033, the team at Depreciator can work out the best way to tackle your job and give you a price. You can also lodge an obligation free enquiry here.
Order your Tax Depreciation Schedule online or call us on 1300 660 033.
Many property investors needing a Tax Depreciation Schedule ask ‘Can’t my accountant just do it?’. Accountants don’t have the skills or construction qualifications needed to estimate what an investment property might have cost to build, or renovate. The people best qualified to do that and produce your Depreciation Schedule are Quantity Surveyors.
Even when clients have an investment property built and have construction costs, these are not normally broken down in a way that an accountant can use to work out your depreciation claim.
They send their clients to us because they know we keep on top of the Depreciation rule changes, and because they know that when they get one of our Depreciation Schedules it will have exactly what they need.
Get a no-obligation quote today from the firm trusted by hundreds of CPA and Chartered Accountants Australia wide. 1300 66 00 66
