When should I get a Tax Depreciation Schedule done?
Tax Depreciation Schedules on buildings (new or old) should be completed around the time of settlement, if possible.
This makes it easier for the Quantity Surveyor to evaluate your true actual investment property value when it has been acquired, before any further changes have been made.
It should take around 2 weeks for a Quantity Surveyor to complete the Tax Depreciation Schedule and it is only necessary to be done once. However, if alterations are made at a later stage to the building, then it may be worthwhile getting the Schedule updated, so that depreciation claims on the latest changes can also be claimed.
It is very common for developers of new Townhouses and Unit Complexes to get Tax Depreciation Schedules done prior to Construction, so that they can give potential purchasers an accurate idea of how much they will be able to claim in Tax deductions, prior to committing to a purchase.
Quite often, they will offer new owners a substantial discount on the normal price of the Tax Depreciation Schedule, because they have already been prepared.
There could also be other Items that that you may acquire after purchase that may also be claimable.
Make sure that you go through these Items with your Quantity Surveyor and Accountant, to maximise your claim at Tax time.
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.
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It can save you money, time and worry.