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Any Time You Own a Rental Property a Tax Depreciation Schedule Is Necessary

If you have a property that you are renting out or leasing, and this property is producing income, it is a good idea to employ a Quantity Surveyor to produce a tax depreciation schedule. Whilst it is not a mandatory requirement, you will find that the benefits far outweigh the costs.

Business Tax Depreciation Schedules Will Save You Money

There are many different scenarios where you may need a schedule or report. For example, you could be a property investor who has a portfolio of properties and have never done one before, or you could have just purchased your first investment home. In either of these instances, an investment property depreciation report can save you money every year at tax time.

Renting Your Old Home Means Property Tax Deductions

Recently, due to the depressed property market, a lot of people have been unable to sell their houses and instead of selling at a loss now, decide to buy a new house. They end up keeping the old one and rent it out to others. Even if you have an old house and never realised that it was worth, getting a report will certainly surprise you with what is remaining and claimable.

Accounting for Tax Depreciation Following Remodelling

Have you done some recent renovations or additions? If so, this is a good time to bring in a quantity surveyor to look at the construction costs for tax depreciation purposes and to produce a new report. The improvements are deductable and can greatly increase your cash flow. Do you have a business that contains plants and equipment? A motel, hotel or cafe? All items used to produce an income are tax deductable and should be included.

These Schedules Are for Every Investor

What you need to realise is that it is not just large investors that should be taking advantage of this kind of service, but also the average mum and dad investors. If you have a rental property, you should get a house depreciation schedule. It will greatly increase your cash flow and when it comes to tax time every year most people will get a nice tax refund.

Making the Most of Your Money

Given the fact that you are renting your house as a means to earn money, you need to take advantage of a house depreciation schedule to help ensure you are not paying too much in taxes each year. With our careful accounting, we are here to help ensure you never overpay your taxes. Once we have established your schedules, you may even find that you qualify for a refund each year. Contact us today and let us show you how we can save you money.