The Redline Advantage - How we maximise your depreciation deduction
- Every Tax Depreciation Schedule is compiled by a Certified Quantity Surveyor (CQS)*
- Taking full advantage of the highest depreciation rates available and Low Value Pooling
- Transferring larger assets to the Low Value Pool as soon as possible
- Splitting Schedules where there are multiple owners
- Automatically including common property items for unit developments
- Providing Schedules that last the life of the property (40 years)
- Combining all of the above with competitive fees and the fastest turnaround times
Terminology
- The Tax Depreciation and Capital Allowances Schedule goes by many names including Quantity Surveyors Report (QSR), QS Report, Tax Depreciation Schedule, Tax Depreciation Report and Investment Property Schedule.
*The Director of this firm is recognised by the AIQS as a Certified Quantity Surveyor which represents the highest level of expertise within the Quantity Surveying profession.
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TAX DEPRECIATION AND CAPITAL ALLOWANCES
Progressively during the 1980s the Australian Government introduced legislation enabling investment property owners to claim tax deductions for Tax Depreciation and Capital Allowances against their income producing properties.
Deductions for Tax Depreciation and Capital Allowances are divided into two categories; building depreciation and plant and equipment (asset) depreciation.
Building depreciation is a flat 2.5% deduction per annum of the original construction cost of the property for each year of ownership. This percentage can rise to 4% per annum depending on the type of property and when it was built.
Plant and equipment (asset) depreciation covers items such as carpets, blinds, curtains, appliances, hot water systems, etc which attract higher rates of depreciation. Note, Legislative changes introduced on 9 May 2017 limited plant and equipment depreciation to the investor who first acquired the plant and equipment.
The Australian Taxation Office (ATO) acknowledges that the estimation of the original construction cost, that forms the basis of a Tax Depreciation and Capital Allowances Schedule, requires an “appropriately qualified” professional educated and experienced in the skill of construction cost estimating.
The ATO Legislation recognizes that Quantity Surveyors are appropriately qualified professionals. It is important to note that ATO Legislation also notes that property valuers, real estate agents and accountants “generally have neither the relevant qualifications nor the experience to make such an estimate.”
Redline Quantity Surveyors are specialists in Tax Depreciation and Capital Allowances. We will research your property, record all the depreciable assets contained therein, prepare an estimate of the original construction cost and present all this in a fully legible and easy to understand Schedule outlining all your depreciation entitlements.
To view a quick presentation on Tax Depreciation and Capital Allowances, please click here
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Latest News
15 May 2018 12:00 AMIncrease in Residential Housing CostsRedline Quantity Surveyors report that there has been a 4.3% increase in residential housing costs in South-East Queensland from January 2017 to December 2017.More...Simon HanauRedline Quantity Surveyors Pty Ltd
10 Nov 2017 8:17 AMSplitting Tax Depreciation Schedules based on individual owner’s shareRedline Quantity Surveyors are pleased to announce the introduction of split Tax Depreciation Schedules as a standard inclusion where there is more than one owner.More...Simon HanauRedline Quantity Surveyors Pty LtdThe Redline Advantage - How we maximise your depreciation deduction
- Every Tax Depreciation Schedule is compiled by a Certified Quantity Surveyor (CQS)*
- Taking full advantage of the highest depreciation rates available and Low Value Pooling
- Transferring larger assets to the Low Value Pool as soon as possible
- Splitting Schedules where there are multiple owners
- Automatically including common property items for unit developments
- Providing Schedules that last the life of the property (40 years)
- Combining all of the above with competitive fees and the fastest turnaround times
Terminology
- The Tax Depreciation and Capital Allowances Schedule goes by many names including Quantity Surveyors Report (QSR), QS Report, Tax Depreciation Schedule, Tax Depreciation Report and Investment Property Schedule.
*The Director of this firm is recognised by the AIQS as a Certified Quantity Surveyor which represents the highest level of expertise within the Quantity Surveying profession.
View Website