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Property Depreciation
  Key Benefits
  Guaranteed Savings
  100% accuracy
  Strong track record with over 110,000 properties assessed
  Expertise - Washington Brown are members of the Australian Institute of Quantity Surveyors
  ATO compliant format
     
    From $639


Property Depreciation
  Key Benefits
  Guaranteed Savings
  100% accuracy
  Strong track record with over 110,000 properties assessed
  Expertise - Washington Brown are members of the Australian Institute of Quantity Surveyors
  ATO compliant format
     
    From $639.00


 
Information
 
Are you claiming enough off your tax?
If you own an investment property and you haven't had it professionally assessed for depreciation allowances, chances are you are paying too much tax.
What is a Depreciation Report?
A Depreciation Report is an Australian Tax Office (ATO) compliant depreciation report on your property outlining the legal depreciation allowances you are entitled to claim.
 
TICA and WASHINGTON BROWN
TICA and Washington Brown are working together to provide all landlords with the opportunity to obtain a professional report to maximise their claims.

Washington Brown are experts in tax depreciation for investment properties and accredited quantity surveyors.
 
Ways to Appreciate Depreciation
Depreciating your investment property can dramatically improve your bottom line.

Claiming depreciation on your property is one of the most important steps in an investor's journey. And its the only deduction that can be subjective. All other expenses - such as interest, strata fees etc. must equal the amount you have precisely paid out.

Having an expert prepare your depreciation report can enhance your claim. This article first appeared in Your Investment Property Magazine as 9 Ways to Cut Tax Bills through Depreciation (PDF).
 
IMPORTANT NOTICE:
All properties new and pre-existing (houses, units, apartments, factories and commercial premises), qualify for depreciation and you may be eligible to backdate your tax return if you have not been claiming or maximising your entitlements.
 
All information on this page is general information and supplied by Washington Brown.
 
Property Depreciation
  Key Benefits
  Guaranteed Savings
  100% accuracy
  Strong track record with over 110,000 properties assessed
  Expertise - Washington Brown are members of the Australian Institute of Quantity Surveyors
  ATO compliant format
     
    From $639.00


 
Pricing
 
Depreciation Reports for $639 are only available on residential properties located in metropolitan areas throughout Australia.

The fee of $639 does not include commercial or industrial properties and blocks of units. Please contact TICA on 02 9743 1800 for a quote.

To be eligible for the $639 Depreciation Report your application must be completed through TICA.
 
Complete the application form on the brochure and either fax, mail or email it to TICA
 
All prices contained in the brochure are inclusive of GST and are valid until the 1st of January 2015
Property Depreciation
  Key Benefits
  Guaranteed Savings
  100% accuracy
  Strong track record with over 110,000 properties assessed
  Expertise - Washington Brown are members of the Australian Institute of Quantity Surveyors
  ATO compliant format
     
    From $639.00


 
Frequently Asked Questions
 
What is Property Depreciation?
Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your investment property against your taxable income.

There are two types of allowances available: depreciation on plant and equipment, and depreciation on building allowance.

Plant and equipment refers to items within the building like ovens, dishwashers, carpet & blinds etc. Building allowance refers to construction costs of the building itself, such as concrete and brickwork. Both these costs can be offset against your assessable income.

 
So how does a Depreciation Schedule help me?
Simple. A depreciation schedule will help you pay less tax. The amount the depreciation schedule says you claim effectively reduces your taxable income.

Depreciation is known as a "non-cash deduction" because its the ONLY deduction that you don't have to pay for on an ongoing basis – the deductions are in-built within the purchase price of your property.
 
Will you need to inspect my property?
The Australian Institute of Quantity Surveyors (AIQS) Code of Practice stipulates that site inspections are necessary to satisfy ATO requirements.

At Washington Brown, our trained quantity surveyors ensure all depreciable items are noted and photographed. This guarantees you won't miss out on any deductions. The documentation can then be used as evidence in the event of an audit.
 
How long will it take to complete my schedule?
Your depreciation schedule will take approximately 2-3 weeks to complete, as long as we can inspect your property without delay. In some cases, we can offer priority service at an additional charge.
 
Is my property too old to claim Property Depreciation?
The simple answer is no. If your residential property was built after July 1985 you will be able to claim both Building Allowance and Plant and Equipment. If construction on your property commenced prior to this date, you can only claim depreciation on Plant and Equipment (i.e. carpet, blinds, ovens etc). But it will still be worthwhile.

Commercial and industrial properties are subject to varying cut off dates.
 
My property is renovated. Can I still claim?
Yes. We will need to know how much you spent on renovations. This is an ATO obligation. If the previous owner completed the renovations you are STILL entitled to claim depreciation. In either case, where the cost of renovation is unknown, we are fully qualified to make that estimation.
 
I bought my property three years ago. Can I still make a claim?
Yes you can. Your accountant can amend your previous tax returns up to 2 years back. There are some exceptions so please contact your tax agent or the ATO for clarification.
 
Shouldn't my accountant prepare this report?
If your residential property was built after 1985 your accountant is not allowed to estimate the construction costs. Tax Ruling 97/25 issued by the Australian Taxation Office (ATO) has identified Quantity Surveyors as properly qualified to make the appropriate estimate of the construction costs, where those costs are unknown.

Real estate agents, Property Managers, Accountants and Valuers are not allowed to make this estimate.

Chief Executive Officer of the Australian Institute of Quantity Surveyors (AIQS), Terry Aulich, advises that, whereas accountants can offer advice around other aspects of tax depreciation, construction costs and property depreciation are highly technical domains in their own right.
 
How will I receive my report?
We will email you a copy of the report and your accountant if you wish. If you wish to receive a hard-copy additional fees will apply.
 
All information on this page is general information and supplied by Washington Brown.
 
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All prices shown are in Australian Dollars and include GST.
 
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