Tax Depreciation Schedule

Tax Depreciation Schedule

SERVICE OVERVIEW

Do you own a residential rental property or holiday home?

If the answer is yes, you may be interested to know that you’re entitled to tax deductions, regardless of the age of the property. A tax depreciation schedule is a document detailing how much depreciation you can claim on your investment on an annual basis from when it was first available to rent.

At The Home Inspection Hub, we manage the process for you. After gathering some information from you about the property, we will liaise directly with the property manager on your behalf, arranging a time for an inspection. Once the data is collected, a qualified Quantity Surveyor who specialises in depreciation schedules will prepare your report. The following process will apply:

Contact The Hub for a quote

Complete an Information Sheet

The Hub will arrange an inspection time with your property manager

An on-site inspection will take place

A qualified Quantity Surveyor will complete your depreciation schedule

A report will be emailed to you, along with a receipt

Why is a tax depreciation schedule with The Hub so important?

  • A depreciation schedule will help reduce your tax and is one of the tax deductions you should be aware of as a property investor.
  • Our contract Inspectors have the skills and experience to carry out the data collection inspection.
  • We can backdate a tax depreciation schedule by two years.
  • If you’ve carried out renovation works that have cost more than $30,000, we can assist you with a second depreciation schedule to reflect the changes to your property.
  • The cost of your tax depreciation is 100% tax deductible.
  • The process at The Hub is simple and time-effective to ensure you get your schedule as quickly as possible. Once the inspection has taken place and the data is collected, the report will take approximately 3 business days to complete.

Phone us on 1300 071 283 or click here to request a free online quote. We’ll be ready to help you!

popular questions

A registered Quantity Surveyor is qualified to estimate the historical construction cost of a building and process the claim to the ATO standard. It’s important to note that an Accountant is not suitably qualified to estimate construction or renovation costs.

Generally, a tax depreciation schedule will cover a full 40 year analysis of your tax entitlements. However, if you invest in a schedule and then renovate the property, you’ll need to obtain another schedule in order to reflect the changes with the renovation.

This is a common question that we get asked by clients. Unfortunately, it’s very difficult to estimate depreciation without viewing the property. Our best piece of advice is to invest in a tax depreciation schedule close to your settlement date. If the property is newly built, the greater the depreciation will be, mainly in the first ten years from settlement date. However, it’s still worthwhile investing in a depreciation schedule for an older property as well.

If you renting out your own home, you are able to claim depreciation from the date the property was made available for rent.

If you own a holiday rental, you’re entitled to claim depreciation. This applies to the property and furniture, as well as linen, videos, electrical equipment, games, books and kitchen cutlery located within the home.