Tax depreciation Sunshine Coast Quantity Serveryors
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or email: bobby@accordqs.com.au

 

 

Sunshine Coast Tax Depreciation
ACCORD Quantity Surveyors

Tax Depreciation Report Sunshine Coast

An investment property represents a fantastic way to make money, but it can also become a bit of a money pit if you don’t know what you are doing. Renting out the property for a price that brings in a profit is just half the battle, as that can all be lost when tax time rolls around. Property owners in the Sunshine Coast and beyond need to look at preparing a tax depreciation report, as that will help them recover a good portion of the losses that they might ordinarily take as parts of their property begin to age.

Sunshine Coast Property Depreciation

The tax depreciation report should be done if you are the owner of an investment property, with claims able to be made each year for a period of 40 years. There are all sorts of different things that can be claimed through depreciation, and is usually dependent on the type of building that you own. It stands to reason that if you own a commercial or industrial property, you will be claiming for different things than you would in a residential property. It can get a little confusing, which is why it’s always a good idea to use the services of a professional quantity surveyor.

If you try and put together a tax depreciation report on your own, there is a better than average chance that you may claim something that is not allowable, or that you will miss something that could have saved you some money. Each item has a specific value and can only be depreciated for a certain number of years. For example, if you have a residential investment property that has a stove included, you will be able to claim depreciation on that appliance for 12 years. After that point, it would not be allowed.

It’s also important that you are aware of the category that each item on your property falls under. In a tax deprecation schedule, all items fall under Capital Items or Plant and Equipment. Those that fall into the Capital Items category tend to be fixed, and include things like the building, fencing, and paving. It is loose items that usually fall into the plant and equipment category, and those can be things like kitchen appliances and window fixtures. If you try to do the report yourself, not only might you make a mistake with the value, you might also place items in the incorrect category.

There are a lot of quantity surveyors out there who can help with your report, but it’s always a good idea to choose one that has been in business for many years, and who have developed a solid reputation for quality work along the Sunshine Coast. It’s also good to look for a company that does all the work themselves, as you never know what you might be in for if they sub-contract work out to others. The tax depreciation report is there to help ease the burden of property ownership, so choose a quantity surveyor that you can trust. Contact Bobby.