Our Clients Claim an Average of $55,381 Over the First 10 Years.
Find out how much depreciation you can claim and start paying less tax as a property investor. Get a free estimate in 30 seconds.
Maximise Your Tax Savings with a Customised Depreciation Schedule.
Are you curious about the potential tax deductions available for your investment property? Washington Brown offers a free and user-friendly Depreciation Schedule Calculator that puts the power in your hands. With just a few simple steps, you can estimate the tax depreciation deductions over a 10-year period for your property and gain valuable insights into your financial planning.
Don’t miss out on potential tax deductions for your investment property. Take advantage of Washington Brown’s Free Depreciation Schedule Calculator to gain a preliminary understanding of the likely tax savings available to you. When you’re ready for a more detailed analysis and a comprehensive tax depreciation schedule, Washington Brown’s team of experts is here to assist you every step of the way.
Reduce Your Tax Bill and Improve Your Cash Flow
Discover how Washington Brown’s expertise and tailored approach can save you money on your property investments. With our comprehensive knowledge of tax depreciation and industry qualifications, here are just a few of the strategic ways we maximise your returns and boost your bottom line.
Customised Process
Washington Brown follows a tailored approach, taking into account the specific details and characteristics of your property. This ensures that the depreciation calculations are accurate and optimized for your particular investment.
Deductions from Day 1
Rather than starting the depreciation deductions from the first full financial year, Washington Brown includes deductions from the day you acquired the property. This means you can start claiming depreciation right away, even if it’s not a full year.
Plant and Equipment Inclusions
We identify and include all eligible Plant and Equipment items in your depreciation report. This ensures that you are maximizing deductions for assets such as appliances, carpets, air conditioning units, and other removable assets within the property.
Consideration of Occupancy
If you have lived in the property before renting it out, we take into account the time you have lived in the property when calculating your deductions. This can have an impact on the eligible deductions based on the residential usage period.
Claim Missed Deductions
Did you miss out on claiming depreciation for your investment property in previous years? Our reports start from when your property first became income-producing, allowing you to amend previous tax returns and claim those valuable deductions.
Renovations and Additions
If there have been any renovations or additions made to the property, we factor in these improvements to accurately determine the depreciation deductions. This ensures that you receive any eligible deductions related to these enhancements.
Joint Ownership and Split Reports
In cases of joint ownership, Washington Brown provides split reports that allocate the depreciation deductions correctly between the co-owners. This ensures that each owner can claim their respective portion of the depreciation benefits.
Compliance with ATO Legislation
We ensure strict adherence to the current and applicable legislation regarding property depreciation. By staying up to date with the latest guidelines, you can have peace of mind that your depreciation claims are compliant and in accordance with the tax laws.
How to Use Our Depreciation Schedule Calculator
How do I know the Build Year for my property?
In this field we need to know the year construction commenced for your property. If you do not have this information, contact the relevant local council for assistance.
How have you defined each property type?
We have defined property types according to the following broad definitions:
- House / Townhouse: Any freestanding residential property, or a strata titled residential building up to two levels above ground, the property may be adjoining other units within the complex.
- Unit: A residential strata titled unit in a building with no lift.
- Highrise: A residential strata titled unit in a building with a lift.
- Commercial Property: A strata titled office within a commercial complex of many suites, or a wholly owned freestanding commercial building on one title.
- Industrial Property: A strata titled industrial unit within a complex of many industrial units, or a wholly owned freestanding industrial building on one title.
How do you determine the standard of finish?
Finish Standards are subjective and overtime material & equipment options have broadened in range, which needs to be taken into account. Manufacturer names are used as very general example only.
Low
Laminated surfaces and Fisher & Paykel appliances or similar
Medium
Reconstituted stone surfaces and SMEG appliances or similar
High
Stone surfaces and stainless steel high-end German appliances
What types of properties are excluded from the Tax Depreciation Calculator?
Our Tax Depreciation Calculator does not account for properties that have been renovated or ones that are fully furnished as this would lead to an inaccurate result. For properties like these, please get in touch and request a Free Depreciation Quote.
How to Interpret the Results
What does the “years” column represent?
Each year represents a full financial year. This calculator provides an estimate of the likely allowances on the basis you are going to settle on that property today. For example, Year 1 represents the amount you can claim over the next 365 days if you purchased a similar property to data you have already entered.
What do the terms Diminishing Value method and Prime Cost method mean?
Both terms refer to the way in which Plant and Equipment is depreciated in accordance with the Australian Taxation Office (ATO) guidelines. The Diminishing Value method accelerates the allowances in the earlier years, where as the Prime Cost method evenly spreads the allowances out.
Can I use this estimate within my tax return?
No, In order to satisfy the Australian Taxation Office (ATO) and the Australian Institute of Quantity Surveyors guidelines, the property MUST be evaluated by a qualified quantity surveyor. A complete breakdown of plant and equipment must be provided and the capital allowance must be assessed for your individual property.
For a comprehensive assessment for your properties,please get in touch and request a Free Depreciation Quote.