4. Claim depreciation for renovations
It is essential to contact a specialist Quantity Surveyor and request a site inspection of the property. Additional deductions may be available for any capital improvements undertaken.
Often renovations completed by a previous owner of the property may not be obvious. A site inspection will allow a Quantity Surveyor to discover any work that has been completed, including non-visible assets like plumbing, water proofing and electrical wiring. The Quantity Surveyor will then estimate the deductions available from any assets or structural additions that have been made within the qualifying dates and calculate the depreciation accordingly.
5. Use a qualified professional
Quantity Surveyors are qualified under the tax ruling 97/25 to estimate construction costs for depreciation purposes and are one of a few select professionals who specialise in providing depreciation schedules. They are affiliated with industry regulating bodies and gain access to the latest information and resources through their accreditations. BMT Tax Depreciation are accredited members of the Australian Institute of Quantity Surveyors (AIQS), The Royal Institute of Chartered Surveyors (RICS) and The Auctioneers & Valuers Association of Australia (AVAA).
Property owners who would like a free over the phone assessment of the available deductions they can claim should contact BMT Tax Depreciation on 1300 728 726.
Article provided by BMT Tax Depreciation.