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A Depreciation Schedule could entitle you to thousands of dollars back on your tax return

Make the most of your tax return

The end of the financial year is here, and if you own an investment property and want to maximise your return, it may be a good time to organise a Depreciation Schedule.

More information about lodgement due dates, including concessions, can be found on the ATO’s website.

What can you do to maximise your return?

Our Rapid Building Inspections team have teamed up with SJB Quantity Surveyors to make depreciation scheduling easier than ever. If you have an investment property, then getting a Depreciation Schedule will allow you to claim more on your tax return. It takes our team about 30 minutes to complete the inspection needed for your Depreciation Schedule and, depending on your circumstances, it could entitle you to thousands of dollars back with your tax return.

Sounds pretty good, right? Keep reading to find out more about Depreciation Schedules and how they work.

What is a Depreciation Schedule?

A Depreciation Schedule is like a building report for your investment property. It records all the different parts of your property and forecasts the rate at which their value will depreciate over time. Our schedules can be back dated 40 years, so you might even be able to claim from years you’ve missed and, if you are eligible to make a claim, the cost of the schedules will be fully tax deductible.

The Depreciation Schedule is broken down into three main categories – Capital Works, Plant and Equipment, and Capital Improvements.

Capital Works (or Building Allowance)

This refers to most fixtures and fittings such as the kitchen cabinets, windows, doors, locks, sinks, bath, or swimming pool. These usually make up around 90% of your total claim.

Plant and Equipment

This refers to items that can be removed from the building. It includes things like carpet, blinds, air conditioners, hot water systems, smoke alarms and ceiling fans.

Capital Improvements

This refers to any renovations or improvements made to a property and will be comprised of Plant and Equipment items as well as Building Allowance items.

All of the above items will have their own rate of depreciation, which is documented for you in the Depreciation Schedule.

You can find more information in our article on Depreciation Schedules. But if you’d like to get moving on booking your schedule, let’s get you set up with one today.

Book your Depreciation Schedule now

Why choose Rapid?

Our team are efficient, reliable, and ready to help. Getting your Depreciation Schedule could save you a lot of money. If you’re eligible to make a claim, then in the first year that you claim depreciation on your investment property from the ATO, we believe your claim will be at least twice the amount of the cost that you pay to us for the Depreciation Schedule. If not, we’ll give your money back*. You’ve got everything to gain, and nothing to lose.

Get ready for EOFY and get your Depreciation Schedule today. Book yours now.

Still have questions or you’d like to speak to someone? Get in touch with a member of our team. We’re more than happy to help.

* Applies to the first full financial year. Offer not valid for second-hand properties purchased after 09/05/2017. Money back is limited to cost paid for the preparation of the Depreciation Schedule.

Get in touch with the team at Rapid today We are available 7-days a week

If you still have any questions, feel free to contact us, and we’d be more than happy to answer any questions you may have.

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Our friendly team are here to help you, 7 days a week, with all the facts you need to make a smart decision. If you wish to book an inspection or just have a few questions, please don’t hesitate to call us today on 1300 407 341.

We offer a wide range of services and inspect more than 10,000 homes a year. So, whether you are looking for a building inspection in Perth, a pre-purchase pest and building inspection in Melbourne or anywhere in between, our services are trusted nationwide. We even provide dilapidation reports and building inspections in Hobart!

We’re on your side, and we’re here to help!