If you have purchased a rental property, you may be eligible to claim depreciation on the wear and tear of the building each financial year that you continue to rent it out. To claim depreciation you will need a tax depreciation schedule which thrifty tax can provide, below outlines the process to ensure it will be worth your money and time.
- Check that your property qualifies for depreciation. Check using the link below if your property is eligible. If your property is eligible, it will be worthwhile to purchase a tax depreciation schedule. Any accidental purchases that fail to qualify for depreciation will be refunded.
- Choose your package type. We offer two types of packages. The budget package is the self-assess option for investors who know exactly what is in the property and need the cheapest price. You provide all the details of the property and one of our quantity surveyors will review your self-generated report to make sure it is ATO compliant.
The second option is our express package for investors who want to ensure they receive maximum deductions. One of our quantity surveyors will prepare your ATO compliant tax depreciation schedule by means of a desktop survey.
- Order your tax depreciation schedule. Fill out what details you can using our order form, including renovation costs, floor plans or photos. Depending on the package you choose will determine how much information you must provide. Our premium package is for investors who only know the basics of the property.
- Allow some time for us to prepare your schedule. We will assess the property via a desktop survey using all information provided by yourself and online real estate paid database software to capture as much depreciation as possible in your report.
- Receive your report and claim deductions. Once payment has cleared and your report has been written, we will email your report to you. This report will contain the tax depreciation schedule that allows you claim depreciation on the investment property. The report is designed with advice from accountants and is therefore easy to read. You will only need this one report for the lifetime of the investment property. The report is also future-proof as it can be amended should you carry out renovations to the property in the future.