Do you own a rental property anywhere in the Southwest? A house, apartment or holiday rental?
A tax depreciation schedule could save you upwards of $15,000 in the first year on a residential investment property!
A tax depreciation schedule will help to ensure that you are maximising your cash return from your investment property. If you do not have a tax depreciation schedule completed for your investment property, you are potentially missing out on thousands of dollars’ worth of legitimately claimable tax deductions available to you each year.
Nightingale Property Inspections can arrange ATO compliant Tax Depreciation Schedules for all Southwest residential property investors. We still have appointments available between now and June 30.
One of our team will make an appointment with you or your property manager to visit the property and measure all depreciable assets (this takes an hour or two for an average size house). This is a full site assessment – as preferred by the ATO, and the best way to maximise your returns. The data is then used by our quantity surveyor to prepare your schedule. The turn around time on the whole process is 1-2 weeks.
Your schedule will include allowances for capital works and plant and equipment as applicable, and is calculated using both the prime cost method and the diminishing value method:
Capital works allowance:
This is a deduction that is available for the structural element of a building, including all fixed and irremovable assets. These are commonly referred to as your building write offs. Examples are: wall construction, flooring, windows and doors.
Plant and Equipment:
This is a deduction available for all of your removable assets which are described by the ATO as assets which depreciate at a faster rate than the building. Each one of these plant and equipment items has an effective lifespan, and the depreciation on that item is calculated according to ATO requirements. Not all properties actually qualify for this allowance and there are different percentages you can claim. Our quantity surveyors are experts in this field and will ensure you claim accurately and at the highest level that your property qualifies for. Examples are: furniture, ovens, carpets, curtains.
Apartment owners can even claim a portion of the allowances for the plant and equipment in the common areas of the strata!
Call / text now to make an appointment: 0438 905 819
Or email us at info@nightingalepropertyinspections.com.au
We use and recommend SJB Quantity Surveyors for finalising tax depreciation schedules, Australia wide.
