FAQ

Tax Depreciation

I just purchased a newly constructed house, is it worth my while having a Tax Depreciation schedule carried out?
Yes, it certainly is. As the owner of a new property you can expect the maximum deduction per year against your total income.

My investment property is an old Queenslander, there have been renovations carried out prior to purchasing the property, can I claim those as depreciable items?
Yes, if the renovations were carried out after 17 July 1985 they are claimable under the ATO laws.

How long will the inspection take and when will I receive the report?
Generally, a tax depreciation inspection will take around half an hour. Some larger properties and more complex renovated properties will take a little longer.

The report is completed in the office to provide an amount claimable by our client for the first full year (or part thereof if required) against their total income from the property and other sources.

The report will be posted within a few days of the site inspection.

The property currently has tenants in place, will you need to gain access to the house?
Yes, we will need to organise an entry notice by contacting the rental agency or speaking directly with the tenant regarding an agreeable time to inspect the property.

What information do I need to provide?
To carry out an accurate Tax Depreciation report we will need the following:

  • Owners’ details
  • Investment property address
  • Purchase date of the property
  • Date first offered for rent
  • Age of property, if known
  • The approximate dates and costs of improvements made to the property (if known)
  • Property access details