What is Property Tax Depreciation?
Just like you claim wear and tear on a car purchased for income producing purposes, you can also claim the depreciation of your investment property against yourtaxable income. There are two types of allowances available: depreciation on Plant and Equipment, and depreciation on Building Allowance.
Plant and Equipment refers to items within the building like ovens, dishwashers, carpet & blinds etc.
Building Allowance refers to construction costs of the building itself,
such as concrete and brickwork.
Both these costs can be offset against your assessable income.
Click here for a list of depreciable items and capital works deductions.
Click here to download a sample Tax Depreciation Schedule.
Do you own a Boom Property?
Click here to download a tax depreciation schedule application form for a Boom property.
How much will I save?
Washington Brown has prepared an estimate of the depreciation claims available for each Boom Properties house type. Boom Properties, or the real estate agent you are dealing will be able to provide these reports on request.
I bought my Boom property three years ago. Can I still make a claim?
Yes you can. Your accountant can amend your previous tax returns up to 2 years back. There are some exceptions so please contact your tax agent or the ATO for clarification
50% Discount on Reports
Boom Properties have negotiated a 50% discount for purchasers of one of their new investment properties.Reports |
Report Cost |
Boom 50% Discount |
| Tax Depreciation Schedules | $660 |
$330 inc GST |
| Building Insurance Valuations | $220 |
$110 inc GST |
The cost of preparing tax depreciation schedules is 100% tax deductible.
Who is Washington Brown?
In three decades of business, Washington Brown has assessed over 110,000 properties for tax depreciation allowances. Our extensive construction cost and historical data means our tax depreciation schedules are based on facts you can rely on.
Washington Brown’s expertise in taxation, construction and accountancy ensures you the biggest deduction possible, safely within the Australian Tax Office’s guidelines.
Click here to find out why Washington Brown is the only company you should use to prepare a depreciation schedule for your investment property.
Building Insurance Valuation
Building Insurance is not something to leave to speculation. As experts in the construction and building industry, we know there is a big difference between a market valuation and the actual costs of reconstruction.
A comprehensive Building Insurance Valuation report prepared by Washington Brown will ensure that in the event of an insurance claim you are not left out of pocket.
We base our Building Insurance Valuation reports on the full cost of rebuilding in case of total destruction. We don’t do this so you’ll pay a higher insurance premium, we do it to protect your investment.
Our Building Insurance Valuation report will outline costs for demolition, site clearing, professional fees, compliance and reconstruction.
Click here for Building Insurance Report FAQS
Click here to download a sample Building Insurance Valuation report