Corner Corner

Depreciation FAQ's

Can my accountant prepare my tax depreciation schedule and report?
What is the role of a Quantity Surveyor?
How long does it take to prepare my tax depreciation schedule and report?
Does Depreciation 2.0 engage in anything other than property depreciation schedules?
Is the depreciation report confidential?
What components are eligible for depreciation?
How do I know if my property is eligible for depreciation?
What about competitive depreciation services that do not actually visit the site?

Question not listed here?

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Can my accountant prepare my tax depreciation schedule and report?

Yes. The Australian Tax Office requires the report and schedule to be prepared by a registered tax agent which includes many accountants.  However the most suitable professional is clearly one who specialises in construction costs, for example, a Quantity Surveyor.

Your accountant will use the property depreciation report within your tax return.

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What is the role of a Quantity Surveyor?

A Quantity Surveyor is a financial specialist in construction. Quantity Surveyor's undertake a four year degree qualification. A qualified Quantity Surveyor may be engaged to implement any of the following tasks:

  • Tax Depreciation Reports

  • Feasibility Studies

  • Preliminary Budgets & Cost Plans

  • Bills Of Quantities

  • Post Contract Administration

  • Insurance Valuations

  • Tender Estimates

  • Project Management

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How long does it take to prepare my tax depreciation schedule and report?

We must gather preliminary information regarding the purchase of the property and then complete an inspection that involves physically measuring the premises. The inspection typically includes a photographic report (for tax office substantiation). The details of the site inspection allow us to compute the historical construction cost and identify the fixtures and fittings that are depreciable.

The information we require is detailed on our depreciation order form.

The whole process can be completed within a fortnight depending mainly on arranging access to the property for the site inspection.

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Does Depreciation 2.0 engage in anything other than property depreciation schedules?

No. We have specialised in this niche vertical market. Our judgement is that Quantity Surveyor firms try to "fit in" a request for a depreciation schedule amongst their other commitments and therefore do not provide the best service to their depreciation schedule clients.

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Is the depreciation report confidential?

Yes. The report and depreciation schedule are entirely confidential. Typically your accountant is is the only other professional who will see the report. The ATO also see the report. The ATO is bound by Government confidentiality legislation.

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What components are eligible for depreciation?

The largest and most important component of the depreciation schedule is the historical cost of the construction of the property. The construction cost typically comprises 90% of the tax savings available.

Please see sample depreciation schedule for a breakdown of depreciable items.

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How do I know if my property is eligible for depreciation?

For residential property where construction commenced after 15 September, 1987 depreciation is applied at 2.5% of construction costs and is claimable for 40 years.

For commercial or other properties please see depreciation rates for commercial and other properties.

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What about competitive depreciation services that don't actually visit the site?

These services may be able to save you some money on the cost of the depreciation report but when you consider that many items will not make it into their calculations - because they have not attended the site to spot them - the actual tax claim may be substantially less than having us measure and record all items on site.

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Order a Tax Depreciation Report

  1. Call (02) 4362 2662 / (02) 9907 7770 and supply some property information
    or
    fill in the online depreciation report order form

  2. We attend your site and record ALL depreciable items.

  3. We send you your tax allowance (depreciation report).
     

    


If you're looking for Prompt, Reliable, Personal Service?


Call us today for a free, no obligation quotation & expert advice!

02 4362 2662 or 02 9907 7770

0434 468 110

peter@depreciation2.com.au

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