make the most of your tax return
  • November 9, 2021
  • Effective Building
  • 0

The end of the financial year is approaching, and if you own an investment property and want to maximize your return, now is the time to create a Depreciation Schedule. 

The ATO’s website has more information regarding lodgement due dates, including concessions.

What Can You Do to Maximise Your Return?

Effective Building & Consultancy has collaborated with expert quantity surveyors to make depreciation planning easier than ever. If you own an investment property, obtaining a Depreciation Schedule will allow you to claim a larger tax deduction on your tax return. 

It takes about 30 minutes for our experts to do the examination required for your Depreciation Schedule. Depending on your circumstances, you could be entitled to thousands of dollars back with your tax return.

Doesn’t it sound good? Continue reading to learn more about Depreciation Schedules and how they work.

What is a Depreciation Schedule?

A Depreciation Schedule is similar to a building report for your investment property. It keeps track of all the different aspects of your property and predicts how much their worth will degrade over time. 

Our schedules can be backdated for 40 years, so you may be able to claim for years you missed, and the cost of the schedules will be fully tax-deductible if you are qualified to make a claim.

Plant and Equipment, Capital Works, and Capital Improvements are the three major categories in the Depreciation Schedule.

Plant and Equipment

This refers to items that can be removed from the building. It includes blinds, carpets, hot water systems, air conditioners, ceiling fans, and smoke alarms.

Capital Works or Building Allowance

This refers to most fixtures and fittings such as the kitchen cabinets, doors, windows, sinks, locks, bath, or swimming pool. This typically makes up around 90% of the total claim.

Capital Improvements

This refers to any additions or modifications made to a property and includes Plant and Equipment items and Building Allowance items. 

All things listed above will have their own depreciation rate, which will be documented for you in the Depreciation Schedule.

If you want to start booking your schedule, let’s get you set up with one right away.

How Can Effective Building & Consultancy Help You

Our team is efficient, dependable, and eager to assist. Obtaining your Depreciation Schedule could save you a significant amount of money. 

If you are entitled to make a claim, we anticipate your claim will be at least double the Depreciation Schedule cost you pay to us in the first year that you claim depreciation on your investment property from the ATO.

Do you still have questions or would like to speak with someone? Call us at 02 9613 3353. We’d be delighted to assist.

Contact Effective Building & Consultancy right away. We are available 24 hours a day, seven days a week.

If you have any more queries, please do not hesitate to contact us; we would be pleased to assist you.

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About Elie Farah

Elie Farah is a Building Consultant with over 25 years of experience in the property industry. Elie has specialised knowledge in development acquisitions, blue-chip properties and inspections, as well as flood-affected and waterfront properties, heritage buildings, bushfire management and existing use rights.

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