Part 4: Did you know?

To finish our series of articles on Tax Depreciation, we thought we’d take a look at some of the common questions our customers ask.

Q. My property is built prior to 1985, is it still worth doing a Tax Depreciation Schedule?

Yes. Even if your property was built prior to the qualifying date for capital works deductions (i.e. 17 July 1985 for residential, properties) you will mostly likely be entitled to some deductions. These could include the cost of improvements prior to your purchase (for example, concreting, painting, renovations), and the value of the plant and equipment items within the property, such as blinds, carpets, stovetops, hot water systems etc.

Q. Do I have to do this report every year?

No. A DEPPRO depreciation report is valid for the lifetime of the investment. However, it is recommended you update your schedule if capital works are undertaken on the property or assets in the house are replaced.

Q. How far back can DEPPRO date the report?

The report will always begin from Settlement Date.

Q. Do you cover all regional areas? 

Yes. Our qualified inspectors make regular visits to country areas. To minimise costs to owners and investors, regional visits are coordinated based on the number of requests received for a particular area.

Q. Do you inspect all investment properties to form the depreciation reports?

Yes. DEPPRO conducts physical inspections of all properties under evaluation. We insist on walk-through property assessments by our own in-house staff, who are qualified inspectors. Our staff have the expertise and knowledge to know which items in rental properties are depreciable and how savings can be legitimately achieved by investors.

Professionals Real Estate Tax Depreciation by Deppro (a leading property depreciation company) is a specialist service to assist property investors to claim full tax entitlements from their investment properties.

For more information, visit: http://sa.professionals.com.au/resources/tax-depreciation/ or please call 1300 888 489.

We hope this series has been helpful to you!