Frequently Asked Questions

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Our deprecation services are Australia wide covering all capital cities and rural areas.

A few examples of the places we cover, but are not restricted to:

Capital Cities:

Brisbane, Sydney, Melbourne, Adelaide, Canberra, Hobart, Perth & Darwin

Mining towns:

Mackay, Emerald, Mt Isa, Gladstone, Newcastle, Wallaroo, Ballarat, Beechworth, Karratha,  Port Headland, Marble Bay and more!

Other Rural Areas: 

Townsville, Kingaroy, Armadale, Yaroomba, Port Elliot, Broome, Beechworth, Kalgoorlie, Carlingford, Joondanna and more!
 

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Yes, Your report will begin from your original date of settlement on the property and as per ATO guidelines, you can adjust your tax for the past 2 financial years. Please refer to your accountant for the current rulings on adjusting your tax.

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We require the basic contract and settlement details on the property along with a room by room list of inclusions which can easily be completed using our handy “Tick and Flick” sheet in the Online Depreciation report form.

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No, we base our reports on your self assessment of items within the property. We take the details you added to your online report and review these.  If there are any questions we contact you. This is how we keep our fees low. 

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Depreciation.com is a registered Tax Agent under the Tax Agent Services Act 2009 (Tax Agent Number 25584015). This is now required to produce ATO compliant schedules.

Our leading qualified quantity surveyor, Mr Bennion,  has over 20 years’ experience in the field of depreciation alone. He is an Associate Member of the Australian Institute of Quantity Surveyors and is recognised as a leading authority advising on depreciation matters. Highly respected within the industry, he formed part of the Consultative Committee that advised the Australian Taxation Office on changes to Property Depreciation Tax, effective from July 2004.

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Remember to login to your account so you are able to perform the payment successfully.

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Once you have completed your online depreciation report and payment has been received, you will receive your depreciation report via the email address you registered with.

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No, this is due to the tax legislations differing between countries.

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Plant and equipment items are basically items that can "easily" be removed from the property as oppose to items that are permanently fixed to the structire of the building. Plant items also include items that are mechanically or electronically operated, even though they can be fixed to the structure of the building.

Plant and equipment items include (But are not limited to):

  • Hot water systems
  • Carpets
  • Air conditioning systems
  • Ovens
  • Cooktops
  • Rangehoods
  • Dishwashers
  • Automatic Garage Door motors
  • Furniture - freestanding
  • Vinyl flooring
  • Window Furnishings - Blinds and Curtains

The Building write off Allowance is based on historical building costs and includes things such as the bricks, roof, mortar, walls, foundations, electrical works etc. Please click here to view the Principles of Tax Depreciation

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No, it is not. Your investment property does not have to be new, both new and old properties will attract some deprecation deductions. Learn more about our online depreciation report.

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Two methods can be applied when depreciating property, the Diminishing Value and Prime Cost method. The property investors intentions in relation to their property will determine which depreciation method will be most suitable for them.

Under the diminshing value methodthe deduction is calculated as a percentage of the balance you have left to deduct. If you claim using this method you are claiming a greater proportion of the assets cost in the earlier years of the effective life.

Under the prime cost method the deduction for each year is calculated as a percentage of the cost. If you claim using this method you are claiming a lower but more constant portion of the available deductions over the life of the property.

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Yes, an accountant may assist, however under Division 40 & 43 of the Income Tax Assessment Act, the ATO encourages the Self-Assessment Scheme whereby the assitance of a Professional Quantity Surveyor is required in order to estimate accurate plant and building costs.

Read our News Article on Depreciation Schedule for Accountants for more information. 

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By obtaining a Depreciation.com Tax Depreciation Schedule, you will maximise the amount of non-cash deductions you will be able to claim in your tax return on your investment property.  A tax depreciation schedule will differentiate between depreciable plant items and any allowance claimable on the building works.

Learn more about the benefits associated with obtaining a depreciation schedule today!

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Depreciation.com has an up to date News section which highlights the latest hot property locations to top myths on property tax depreciation and many more interesting tax deprecation topics. Stay informed with our topical tax depreciation news section.