What will I need to get a Tax Depreciation Schedule done?
The important things are: Your Name, Contact Number, Email Address, Property Type, Property Address and Age of Property, as well as Settlement Date.
Whatever Drawings, Specifications or other documentation you have on the Construction of the Investment Property could also be helpful for the Quantity Surveyor to prepare your Tax Depreciation Schedule.
If you have decided to do a ‘Self-Assessment’ type of Tax Depreciation Schedule, then you will normally be required to give a lot of information about the construction of the Building as well as a list of all the claimable depreciation items in the building.
If you have decided to get an ‘Inspection’ type of Tax Depreciation Schedule done, then the Quantity Surveyor will arrange access to your property with either yourself, the Tenants or the Property Manager.
The Quantity Surveyor should visit the property, record (and possibly photograph) all Plant and Equipment Items, and assess the Building structure to determine all the possible depreciable items, to maximise the amounts that you are able to claim.
If you don’t know when the Building was originally built, the Quantity Surveyor will be able to determine the age of the Building by contacting the Local Authorities and other such Sources, which will enable them to establish the period that depreciation may be claimed over.
To make sure that you get the right Quantity Surveyor to do your Tax Depreciation Schedule, provide some details about the type of Building you have, we will find appropriate members of the Australian Institute of Quantity Surveyors (AIQS) that are registered Tax Agents under the Tax Agents Services Act.
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