A Tax Depreciation Schedule is a report which advises you how much depreciation to claim on your investment property. The inspection is carried out by a qualified quantity surveyor who then presents their report which you can use for tax purposes.
Depreciation is just compensation for wear and tear on your investment property. Houses, units and commercial property all qualify. So you get to depreciate them, or write them down, a bit every year.
The asset and building list is extensive on items that can be depreciated on your investment property. Depreciable assets include (but not limited to) above ground swimming pools and filtration, hot water systems, electronic security systems, air conditioning units, furniture, carpets and curtains. Building items such as in-ground pools, saunas and spas, fencing, electrical wiring, built in kitchen cupboards, roller door shutters and driveways & paths to name a few are also depreciable.
The cost of getting a Tax Depreciation Schedule is also 100% tax deductible.
By using an ATO recognised Tax Depreciation Schedule, as a property investor, you can claim thousands of legitimate tax dollars back on your investments, conserving your cash flow and safeguarding your future.
Speak with us to discuss the tax opportunities available to you using a Tax Depreciation Schedule.
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