Depreciation Schedule FAQs

  • Edward de Wet, GRC Quantity Surveyors

 

Q: DO I NEED A TAX DEPRECIATION SCHEDULE FROM A QUANTITY SURVEYOR?
Yes. The ATO requires that your Depreciation Schedule is prepared by a qualified and registered Quantity Surveyor, and registered Tax Agent.

Q: WHAT IS A TAX DEPRECIATION SCHEDULE?
A Tax Depreciation Schedule can help you pay less tax. The amount your Depreciation Schedule claims, effectively reduces your taxable income, keeping more dollars in your pocket.

Q: THE PURCHASE PRICE OF MY INVESTMENT PROPERTY WAS LESS THAN $500K, DO I STILL REQUIRE A TAX DEPRECIATION SCHEDULE?
Yes. If you have an investment property irrelevant of the purchase price a Tax Depreciation Schedule is required if you wish to claim an offset to your taxable income.

Q: MY PROPERTY HAS ONLY JUST BECOME TENANTED, CAN I CLAIM DEPRECIATION?
Yes. Your Tax Depreciation Schedule commences the date the purchase was settled.

Q: HOW CAN GRC QUANTITY SURVEYORS HELP?
GRC is a Quantity Surveying practice dedicated to working with property investors to provide a comprehensive Capital Allowance and Tax Depreciation Schedule to be incorporated into tax returns. As leading Quantity Surveyors we know the complexities and costs that are involved in making sure your investment property maintains its value, and fulfils the requirements of the Australia Tax Office (ATO) with a Capital Allowance and Tax Depreciation Schedule. We work extensively within the industry to educate property investors on the potential entitlements they can claim at the end of financial year.

 

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FAST FACTS:
* A Tax Depreciation schedule is 100% tax deductable
* GRC works with Accountants in your area to support the process to include the Tax Depreciation Schedule into your tax return
* Deductions on the Tax Depreciation Schedule are valid for up to 40 years
* The ATO has declared that a Tax Depreciation Schedule is to be conducted by a qualified and registered Quantity Surveyor and Tax Agent

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For further information contact GRC Quantity Surveyors on 07 3878 6222 or visit www.grcqs.com 

By | 2017-09-18T02:26:32+00:00 September 18th, 2015|Blog|