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Frequently Asked Questions

HOW MUCH CAN I CLAIM?

All investment property is subject to Depreciation, regardless of the age or type. Whether you own the property outright, or negatively gear the property, Property Tax Depreciation applies to you.

The Depreciation available to you will vary, but as an indication, a $250,000 property constructed in the last two years would generally have a full-year Depreciation Claim of between $3,000 and $8,000.

For older properties, Depreciation will vary significantly, but in almost all cases, the Depreciation is well in excess of any associated fees.

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WHAT'S INVOLVED?

To prepare the Property Tax Depreciation Schedule, a specialist will:

  • Conduct a site inspection
  • Identify and photograph the depreciating assets found both inside and outside the property and common area
  • Determine the age of the property where necessary and any structural improvements

All Schedules start from the date you acquired the property, and if necessary, can be used to substantiate Depreciation Claims for previous tax years.

Tax Depreciation Schedules for residential properties located in Australia start at a fully tax deductible $495 including GST. This price includes a site inspection and a detailed report outlining your Depreciation entitlements for the next 40 years. (Please note that reports cannot be accurately and thoroughly compiled without a site inspection.)

If you require further information, or would like to proceed with a Schedule, please email your name and contact details to tax-ap@altusgroup.com or call:

New South Wales/Australian Capital Territory - David Collins (02) 9283 7311
Queensland - Ian Brunning (07) 3368 2220
Victoria - Murray Baker (03) 9642 0299
Western Australia - David Collins (02) 9283 7311

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WHY CHOOSE ALTUS PAGE KIRKLAND?

Quantity Surveyors are recognised by the Australian Taxation Office as qualified practitioners for the preparation of Property Tax related Depreciation Schedules as they are experts in the field of Construction Estimation.

Altus Page Kirkland is one of the largest QA certified Quantity Surveying practices in Australia, with offices in New South Wales, the Australian Capital Territory, Western Australia, Queensland and Victoria. Every year, we provide thousands of Tax Depreciation Schedules for residential, commercial and industrial projects.

Altus Page Kirkland has provided Tax Depreciation Schedules for some of the biggest developers in Australia. Our major clients include:

  • Australand
  • KPMG
  • Goodman
  • Fraser Greencliff
  • Woolworths
  • Qantas
  • Billbergia
  • Kyko Group

Altus Page Kirkland will structure your Tax Depreciation Schedule to comply with the current tax legislation and guidelines applicable to your purchase details and ensure you receive the optimum allowable Deduction Claim. Our Schedule will also take into account your share of common property assets, as well as any assets eligible for an immediate Deduction Claim.

We provide a comprehensive report outlining all aspects of plant and equipment, common area items, general building allowances and plant associated effective life. Report formats are user friendly and fully acceptable by the Commissioner of Taxation should you be subject to a tax audit.

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HOW MUCH WILL IT COST? (PROPERTY TAX DEPRECIATION ESTIMATE)

The cost is fully tax deductible and includes a site inspection, along with a fully detailed report outlining your Depreciation entitlements for the next 40 years.

For a firm price quote and obligation free indicative estimate of your likely Depreciation Claim, please email tax-ap@altusgroup.com. The more information you provide, the more accurate the Property Tax Depreciation Estimate.

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CONTACT US

Key Contact: David Collins, Tax Specialist
Phone: 0425 334 452
Email: tax-ap@altusgroup.com

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