Tax Depreciation Report

Tax Depreciation Reports

A tax depreciation report is a thorough inspection of the property to highlight any proof of depreciation that can help the property owner realise tax savings. There are two types of allowances that can be enjoyed by the property owner-depreciation on plant or equipment, and depreciation on building allowance. Plant and equipment in this report may include a description of the blinds, carpet, dishwasher and oven. Building allowance, on the other hand, refer to the cost of constructing the building. The professional team in charge of drafting the report will carry out an inspection, take measurements and photographs of the property that will serve as proof of depreciation.

What is Included in the Tax Depreciation Report?

To file a claim for depreciation allowance, a property owner should obtain a report that will break down the property into some categories. This report is also called the depreciation schedule, which lists the amount that can be claimed, thus reducing the taxable income. In this report, the quantity surveyor will identify and categorise the plant and equipment items and the structural elements of the property. It is important to categorise items and elements since each category, offers different rates of depreciation. The rates of depreciation often depend on the lifespan of an item.

The preparation of the report and the inspection that comes with it should comply with the Code of Practice of the Australian Institute of Quantity Surveyors or AIQS and ATO. The report should include a complete listing of all depreciable items and elements, and these are photographed for documentation purposes. This strategy will ensure that you will not miss out any form of deduction. The photographs of the asset can then be used in case of an audit. The quantity surveyor will also work with the property manager or the tenant to ensure minimal disruption to the tenants.

How Much Can You Save?

Each building or property and a host of other factors will determine the preparation of the tax depreciation report and the depreciation schedule. It is only after the completion of the report and its actual submission that you can finally determine the amount of savings that you can generate from the property. If you want to have an idea about the potential savings, you can try a ‘depreciation calculator’ online.

 

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  • With Approve it HQ getting your building project done has never been easier, you can get hundreds of different reports without having to research through multiple companies and chase quotes.

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