Get Your Depreciation Schedules Prepared By the Best in the Industry

Property Depreciation is a legislation that was introduced by the Australian Tax Office (ATO) in 1985 to encourage the real estate industry to construct more buildings in order to provide required rental accommodation for the increasing population in Australia. This legislation provides large property depreciation tax deductions for investors and owners of rental property in Australia. According to this rule the holding costs of the property asset are reduced significantly when a tax depreciation schedule is applied.

It means that just as you claim wear and tear on the purchased equipment or vehicles to generate income, you can also claim the depreciation for investment property or rental property against your taxable income. Claiming property depreciation on your investment or rental property is an entirely legal way of reducing the tax levied on your income-producing property in its current year.

As directed by the ATO, quantity surveyors are the only professionals, authorised to prepare tax depreciation schedules for rental or investment properties in Australia. Therefore, it is mandatory for investment property owners to appoint only ATO registered quantity surveyors to prepare a tax depreciation report. Moreover, the depreciation schedules must include the capital write down of construction cost on the investment property in accordance with the relevant ATO tax legislation.

So, if you are looking for an ATO registered expert quantity surveyor in Australia, then Property Returns can be your best choice. Property Returns is a leading quantity surveying firm that has 10 offices located in every major city and regional areas of Australia. They have an experienced and qualified team of quantity surveyors, registered Tax Agents, and property depreciation experts.