Claim Tax Depreciation
Depreciation is the decline in value of an asset.
The ATO allows you as an investor, to claim tax depreciation on your building and the items of plant within.
These claims for depreciation then offset your taxable income.
That’s where Neil Richardson Quantity Surveyor can assist you.
Why do I need a Quantity Surveyor for Tax Depreciation?
The ATO states:
“Where a new owner is unable to determine precisely the construction expenditure associated with a building, an estimate provided by an appropriately qualified person may be used. Appropriately qualified people include Quantity Surveyors”
Why choose Neil Richardson?
Neil Richardson will personally inspect your property and prepare the report himself. This is the most accurate method to have a report prepared.
Many other firms will not send a qualified Quantity Surveyor to inspect your property and rely on photos and tick and flick sheets prepared by unqualified inspectors.
Would you rely on a Building and Pest report prepared by an unqualified person in your due diligence when purchasing your home? No!
Would you rely on an unqualified tradesman to work on your investment home? No!
So why rely on unqualified inspectors to prepare your tax depreciation report? Rely on the expert! Rely on Neil Richardson!
What if my property is not new?
Depreciation is applicable to any capital improvements made to the property since 1987. So even if the original property is too old (Pre 1987) for the capital allowance to apply, the costs of renovations or additions since 15 September 1987 are eligible. Older properties should not be ruled out as a result.
It is rare for a property not to return enough in deductions to cover the fee even in the first year alone.