Depreciation Schedule - Getting your Claimed Deduction

Depreciation is, by all means, a non-cash deduction where investors do not receive money back but only by claiming deduction on the property. The downfall of the worth of asset in a span of time is caused through usage and consumption. This depreciation on the part of the investors can be claimed in their income tax return by getting an ATO compliant Brisbane Depreciation Schedule.

Most people make the common mistake by not claiming for property depreciation either due to inability to understand its importance or non-realization of how much to claim. Sometimes, they simply are not aware of it even after all the years of tax-paying and all.

There is a trend now that properties for sale are gradually dropping. Many people seemed to be holding off from selling and gradually that number for sale is dropping. In a way, it is a positive side and for the last 6 months, there is a 7.85 decrease in properties for sale.

Depreciation allowances

These depreciation allowances are present in two types of assets. The first one is on the things which are used inside buildings like gas tops, air conditioners, furniture pieces, heating systems and many others more.

The second on the capital work items like bricks, mortar, wall plaster, wirings (which are used at the time of extensions, renovations, and repair work on the building.

Asset rates

These rates on assets are different depending on the nature, the size, and age of the property. (These figures have been undergoing many changes as mandated by ATO.) The rates also keep on changing from time to time.

Our specialized quantity surveyors have to keep themselves updated so they can provide the public with the most accurate and most efficient report.

Commitments

Some accounting shops have been committing that the schedules for depreciation prepared by their own but qualified quantity surveyors can change the down beat cash flow into an upbeat cash flow.

Quantity surveyors will visit your property in order to do some physical assessment on all the depreciable assets. This way, assets are all accounted for depreciation and you get the maximum cast return through tax deductions.

The process

The process is slated to be finished up in two to three weeks time. This is where the surveyors are allowed to work unhampered to ensure that not much time is wasted during the whole procedure. 

The offer continues that the best and most affordable service will be done by dedicated surveyors. The promise is to make sure the clients get an accurate and error-free depreciation report. Added to that, there will be not much hassle and problems during the process. 

Some notes

According to the new Tax Agent Services regime, all people doing depreciation schedules have to be registered as tax agents. There had been incidents where some quantity surveying companies are taking short cuts by using untrained people to work on cursory inspections and gather information.

ATO (Australian Tax Office) rules that only people with full qualifications from the industry body (Australian Institute of Quantity Surveyors) which allows them to discharge the full range of Brisbane depreciation schedule activities.