Real Estate Depreciation
Frequently Asked QuestionsBelow you’ll find answers to the questions we get asked the most about real estate tax depreciation schedules in general and the services we offer. If you have a question that you can’t find the answer to, please use the form on our Contact Us page, or simply call our office and we’ll get back to you with an answer as soon as we can.
When should I do a Tax Depreciation Schedule for my property?
Real Estate Depreciation can do a tax depreciation at any time for your property. Ideally you should have a depreciation schedule prepared after you have purchased the property and it is available for income producing purposes.
How often do I need to do a Tax Depreciation Schedule for my property?
You will normally do a tax depreciation schedule once when you purchase the property. The schedule is valid for 40 years. If you do any improvements or renovations, you can get a new Tax Depreciation Schedule done when they are completed.
Will I need to get another Tax Depreciation Schedule done?
Tax Depreciation Schedules are valid for 40 years. However, if you make any additional improvements or do renovations on your property we are able to do an updated Tax Depreciation Schedule for you.
Is this Tax Depreciation Schedule ATO compliant?
For a Tax Depreciation Schedule to be ATO compliant, a qualified Quantity Surveyor needs to create your report – and our team at Real Estate Depreciation are just that. Our Company are members of the Australian Institute of Quantity Surveyors (AIQS) and our Director is registered with the Tax Practitioner Board.
How much does it cost?
SILVER SERVICE
The price for the Silver Service report is $495 (inc GST). Note that the Silver Service level does not include an on-site inspection.
GOLD SERVICE
The price for the Gold Service report is $595 (inc GST).
ADDING FURNITURE
We can also include furniture as part of the depreciation schedule for an additional $77 (inc GST).
How and when do I pay for it?
It is important to know that we only ask for payment at the end of the questionnaire. Once you’ve entered all of your property information and hit the submit button you’ll be prompted to enter your payment details. Contact us at any time if you have any concerns.
We accept online payment and accept all major debit and credit cards using a secure online payment system. Real Estate Depreciation does not store any credit card details.
How long does it take to complete a schedule?
It will take you between 15 – 30 minutes to complete the questionnaire. Once we have all of the information we can then process the form. We take approximately 7 days from receipt of all the relevant information and completion of the inspection.
What if I can't do it all at once, can I save and come back?
Yes you can. If you don’t think you’ll have time to complete the form in once sitting and think you’ll need to come back at a later stage we can save your information where you left off. To use this feature however you will need to register your details first. Once you’ve registered you will then see a “Save This Form For Later” button appear at the bottom of the form. Simply click this button at any point and all the information you’ve entered will be saved and will be filled in when you next come back to the site, so long as you’re logged in. The Register link is up in the menu, or you can click here. Please know that we will only store questionnaire date for 45 days. So if you come back after that period you’ll need to enter information into the questionnaire again.
Can I claim the cost of a Tax Depreciation Schedule back on my Tax?
Yes – a Tax Depreciation Schedule is fully tax deductible. We’ll issue you with a receipt when we’ve received your payment. Simply keep it handy come tax time or give to your accountant so it can be claimed back on your tax return.
What is the difference between Prime Cost & Diminishing Value depreciation?
According to the Australian Government’s ATO website;
- The prime cost method assumes that the value of a depreciating asset decreases uniformly over its effective life.
- The diminishing value method assumes that the value of a depreciating asset decreases more in the early years of its effective life.
Can I claim the costs of renovations?
Yes these costs can be claimed and will be assessed as part of your depreciation schedule.
Can I include furniture in my schedule?
Yes, simply check the “furniture” box when you start the questionnaire. This service is an additional $77 (inc GST) and is available in both the Silver Service and the Gold Service package.
Can I get a schedule for my Commercial Property?
Yes we can. Our sister company, Collaborative Cost Management, specialises in commercial properties & projects. Simply get in touch with them, they’re ready to help.
What if I have trouble filling out my form?
We’re here to help. If you get stuck or are unsure on any part of the questionnaire, simply contact us and we’ll answer any questions or walk you through things. Don’t forget if you register your details you can save the form at anytime through the process and return when convenient to finish things off.
If you’ve a got a question we haven’t answered, or you are still needing more information please contact us and we’ll endeavour to answer it soon as we can.
Industry Bodies
Tax Practitioner Board
Australian Institute of Quantity Surveyors
Royal Institution of Chartered Surveyors
Property Council of Australia
Contact Details
Address
Level 3, 240 Queen Street Brisbane QLD 4000
Telephone
Call - +61 7 3051 0279
