What is Tax Depreciation?
The structure of a building, as well as the assets contained within, deteriorates with time. Depreciation is the process of claiming a deduction for your property’s natural wear and tear.
Why Tax Depreciation Matters
Who can claim Tax Depreciation?
If you own a residential investment property or commercial structure, your properties are eligible for depreciation deductions. Depreciation deductions are offered on most assets, whether new or old.
How to claim Tax Depreciation
Using a quantity surveyor to claim tax depreciation is a smart idea. Quantity surveyors are specialists in determining the worth of construction projects.
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Claim your Tax Deduction
Not familiar with Tax Depreciation Schedules? We’ll quickly explain the benefits for you now.
A depreciation schedule is a report carefully prepared by a Quantity Surveyor that will detail the value of your building, structure, and fixtures over a period of time. The schedule is used at tax time when you complete your tax return to reduce your taxable income and enhance your cash flow. Ideally, you will order your Tax Depreciation Schedule before the 30th of June so you can claim tax deductions for the past financial year and enjoy your maximised cash flow immediately!
Why Get A Tax Depreciation Schedule?
- Maximise Tax Deductions
Maximise deductions and pay less tax when you get a tax depreciation schedule from our chartered quantity surveyors.
- Lasts the Property Lifetime
Because a tax depreciation schedule covers the whole life of an asset, it must be done correctly right from the start.
- Claim Missed Cash Returns
Your depreciation schedule can be used to adjust past tax returns and claim funds incorrectly deducted.