What is Property Tax Depreciation and Property Tax Allowance?
Property tax depreciation lets investment property owners claim tax deductions for the wear and tear of their property over time. For example, if you own a rental property, you can claim deductions for the building structure and its fixtures, such as air conditioning units and appliances, under Division 40 and 43 of the Income Tax Assessment Act.To find out if your property qualifies, contact our professional Quantity Surveyors for more information.
What are the benefits of getting a Tax Depreciation Schedule?
Obtaining a TaxShield Depreciation Schedule maximises the non-cash deductions you can claim on your investment property in your tax return. It differentiates between depreciable plant and building allowances, providing a detailed analysis that meets strict ATO requirements. While very few of our clients have their schedules queried, it is possible. Clients must support additional expenditure claims with invoices or bank statements.
What happens if I get audited by the ATO?
What happens if I get audited by the ATO?
Not all Quantity Surveyors understand the complexities of tax legislation and the current market of construction costs. To maximise your tax depreciation claim and support you fully, you need an expert Quantity Surveyor who understands tax intricacies.
When do I have to get a Tax Depreciation Schedule on my Investment Property?
You should obtain a Tax Depreciation Schedule anytime after the date of purchase settlement and before lodging your next year’s tax return. Using TaxShield, your schedule will summarise your yearly allowance for the lifetime of your investment property.
How long will the Tax Depreciation Schedule Last?
If you have missed claiming deductions, you can amend your previous two tax returns. The schedule provides a 40-year summary, and unless you make major changes to your property, you won’t need a new schedule.
What is the cost of a TaxShield Report?
Our fully tax-deductible residential tax depreciation reports start from $395+GST without a site visit. Commercial services are quoted individually due to unique property requirements. If a site survey is needed, an additional $200+GST is charged for metro areas, with quotes for other locations. Reports are typically completed within 5 business days, but this may extend if additional information is needed. We prioritise accuracy over speed to ensure maximum results. For queries or assistance, email us at admin@taxshield.com.au or call our National Hotline on 1300 780 892.
How long will it take for me to get my Schedule?
Reports are typically completed within 5 business days, but this may extend if additional information is needed. We prioritise accuracy over speed to ensure maximum results. For queries or assistance, email us at admin@taxshield.com.au or call our National Hotline on 1300 780 892.
What happens if I have a problem with the service?
For queries or assistance, email us at admin@taxshield.com.au or call our National Hotline on 1300 780 892.
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Contact us today to learn how we can help you maximise your tax depreciation deductions.