Tax Depreciation Schedules on Older Properties
Should I get a Tax Depreciation Schedule done for an older property?
In most cases … Yes! Regardless or the age of the building, it is always worthwhile inquiring about getting a Tax Depreciation Schedule done.
A lot of people think that because their investment property is old, that they are unable to claim any Tax Depreciation on it, but it is better check, than miss out!
Tax Depreciation claims can be made on renovations or extensions done to Residential properties after 1985 and to Non-Residential properties after 1982.
So, even if your property is 70 years old, you can still make a claim for renovation or extension work done after those dates.
If you are unable to claim for any renovations or extensions to the Structure of the Building, you should be able to claim for relevant Plant and Equipment, such as Carpet, Blinds, Ceiling Fans, Ovens, etc… that have been upgraded since those dates.
You need to get a Quantity Surveyor to help you to find out how much you could claim.
Some Quantity Surveyors are even prepared to not charge you for their services, if they believe that it is not worth preparing a Tax Depreciation Schedule for your investment property.
If you give us some details about the type of Building you require a Tax Depreciation Schedule for, we will find appropriate members of the Australian Institute of Quantity Surveyors (AIQS) that are registered Tax Agents under the Tax Agents Services Act who will make sure that you claim the maximum amount.
Just fill your details in the box, on the top right hand side of your screen now.
There could be a money refund available for you. All you need to do is claim it!