Why Depreciation Schedule?
All assets wear out. In taxation terms, the assets useful life is recognised through a decline in value over time, known as depreciating assets. When you acquire an investment property that derives income, being rental or commercial, you acquire depreciating assets. The Australian Tax Office allows a tax deduction for the reduction in value of those assets. The reduction value is calculated by using “depreciation rate”, this rate depends greatly on the type of assets. The “depreciation rate” is set by Commissioner of ATO, a comprehensive list is available under TR 2016/ current legislation as at 1 July 2016 . All depreciating assets are deductible under Division 40 of ITAA 1997.
The Construction Cost of the building itself is deductible “Capital Works Deduction” Division 43 of ITAA 1997. Your property will qualify for the deduction if:
Complete Our Client form giving us authority to work for your
This is a process when we contact your property manager or tenant, if no delays and access granted we can continue finalising your report, if delays occur we will contact you. Please note some properties may not require inspection our service will be quicker and at reduced cost.
We organise inspection of your property, normally inspection can take 30-60min depending on the size/type of your property..
All information is collected and provided to our Head Quantity Surveyors, the report is ready to finalise.
Report is ready and we will invoice you for payment, once the invoice is paid by credit card or direct deposit, we will issue the report, we do not issue reports before payment.
The BDSAQS Depreciation Schedule is a comprehensive report of allowable assets, depreciation rates and the depreciation deductions prepared by qualified person as required by Australian Taxation Office TR 97/25. Directors of BDSAQS are qualified Quantity Surveyors that are recognised by Australian Tax Office TR 97/25A as appropriately qualified to estimate construction cost. From 1 of March 2010, person or company preparing tax depreciation schedules are required to be registered with Tax Practitioners Board, tax depreciation schedules are considered to be provision of Tax Agent Service and for this reason any person or company providing such service are required to be registered as conditional Tax Agents, www.tpb.gov.au. BDSA Quantity surveyors are registered Tax Agent company and the directors are registered individual tax agents. What this means to you? When you deal with BDSA Quantity Surveyors you are assured that your report complies with ATO audit.
The BDSA QS Depreciation Schedules covers 10 years for all the allowable assets and 25 or 40 years for Capital Works Deduction depending on construction date. BDSA QS employs experts in the field of Tax Depreciation, the combined knowledge of construction costing and taxation makes BDSA QS an excellent choice when choosing quantity surveyors for your investment property Depreciation Schedule. BDSA QS Depreciation Schedule is priced at an affordable fee that is tax deductible section 25-5 ITAA 1997 ID 2002/650. ( *Price may vary due to travel and possibly an extra cost of valuing fully furnished properties, please note the price may be higher for commercial properties. We offer discounts in some locations and the price may start from $385 incl GST).
We would be happy in assisting you in maximising your returns on your investment. Request a quote for a comprehensive Depreciation Schedule.
BRISBANE, SYDNEY,MELBOURNE, ADELAIDE, PERTH, GOLD COAST, CANBERRA,CAIRNS , PORT DOUGLAS, TOWNSVILLE, MACKAY,NEWCASTLE,CENTRAL QUEENSLAND, NORTH QUEENSLAND, WHITSUNDAYS, AIRLIE BEACH, FRASER COAST, KALGOORLIE, MT ISA, ALICE SPRINGS, HUNTER, NORTH COAST, NORTHERN NSW, NOOSA, COFFS HARBOUR, PENRITH, PARRAMATTA, BLACKTOWN, LIVERPOOL, NORTH SYDNEY, EASTERN SUBURBS, BLUE MOUNTAINS, LITHGOW, BATHURST, GOSFORD, PORT STEPHENS, SURFERS PARADISE, YEPPON, IPSWICH, GYMPIE, CHARTERS TOWERS, WOLLONGONG, HAMILTON ISLAND, MISSION BEACH, MORNINGTON
QLD, NSW, VIC, SA, WA, TAS, NT, ACT, QUEENSLAND, NEW SOUTH WALES, VICTORIA, SOUTH AUSTRALIA, WESTERN AUSTRALIA, TASMANIA