Sunshine Coast Tax Depreciation
ACCORD Quantity Surveyors

Property Tax Depreciation Schedule Sunshine Coast

Creating a property tax depreciation schedule may be performed without a physical inspection of the property. Sunshine Coast, Peregian, Birtinya, Coolum, Noosa or anywhere in Australia. Before May 2017, a physical inspection was required of all properties if the owners wanted to claim depreciation on their tax forms. However, changes in the law now allow in some cases a depreciation schedule without the physical inspection.
Not having a physical inspection offers advantages in some cases, especially with the world pulling out of the COVID pandemic. But there are other reasons why you may want to avoid a physical inspection if possible.

When Physical Inspections are Required

Additional Information: A physical inspection may be needed if the information currently available on the property is insufficient.
Non-Residential: If you own commercial property and claim depreciation on the building itself and the plant and equipment inside, then you will need a physical inspection. This ensures that everything on the property will be included. Complete a claim on Commercial Property: SHOPS, SHEDS and OFFICES.
Renovation: If your property has been renovated substantially, such as enough to possibly change its value then an inspection may be required.
Plant and Equipment: This is when your property contains plant and equipment that had been purchased new. This means that they qualify for deductions based on depreciation, so a physical inspection becomes necessary.
Unique Property: If your property is considered atypical, such as a luxury, high spec, or non-standard, then an inspection will be required for depreciation purposes. This will allow you to claim the maximum number of deductions available based on the inspection.

When Physical Inspections are Not Required

All Information Has Been Collected: In other words, if your property has already been evaluated in the past, then you may not need an inspection. This should include all construction and other pertinent records of the residential or commercial property.
Second-Hand Equipment: If you purchased used equipment which cannot be claimed for your taxes and your property has already been evaluated, then a new inspection is not needed. However, if you did purchase new equipment that can be claimed, then your property may need another inspection. Quantity Surveyors Sunshine Coast

Online Access: If all the pertinent information about your property is available online or can be easily accessed, then a property inspection may not be necessary. This includes any construction costs, inclusion list, and plans that are part of the property itself.
If a physical inspection is not required, then the preparation of your property tax depreciation schedule will be faster. In addition, you will be able to claim all the applicable deductions for maximum depreciation. However, you may not be able to avoid a physical inspection depending on the circumstances.

To get a property tax depreciation schedule, residents and business owners need for their taxes, keep in mind that an actual physical inspection may not be required. For those in the Sunshine Coast and all of Australia, check with your local tax authorities to see if a physical inspection is required for your depreciation schedule.

Contact Bobby. Bobby has a wealth of knowledge in this area.