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Tax Depreciation Explained
Tax Depreciation is essentially an allowance for wear and tear on an investment property (either commercial or residential) designed to reduce an investor’s taxable income. The federal government introduced these incentives for investors during the 1980’s. Amendments have been made to the allowances over the following years, with the last major change coming into effect after 9 May 2017.
A Tax Depreciation Schedule is split into two sections, or divisions.
Capital works (or Division 43) allowances are structural items that basically make up the bones of the property. These items include building foundations, walls and roof, kitchens, garages, paving and numerous other structural items.
Capital works items depreciate at a flat rate at 2.5% over forty years from the date of completion.
Plant and equipment (or Division 40) allowances include items that can be removed from the property without causing damage. Other plant and equipment items can be summarised as items with motors (or of a mechanical nature). Included in this category are items such as heating, cooling, cooking facilities, floor and window furnishings, hot water services, lifts and swimming pool filtration.
The effective life of these items varies, and therefore the annual depreciation percentage for each item varies.
The team at Bell specialises in recognising any items that can be depreciated and including them in a TDS. We will maximise the possible return on each investment property whilst staying within the ATO guidelines.
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ATO Compliant Report
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Bell were a stand out. The customer service was fantastic. They gave me a basic understanding of the schedule and a few options on how to proceed with the report. The price was great and turnaround was even better! Would use again and recommend to anyone. Thank you again!
I have no hesitation to recommend Bell to anyone. They provide second to none customer service. It was a very smooth and pleasant transaction I had with them. Lisa and Bill have been wonderful to me. Thank you very much. I will definitely use your service again and spreading the word to my friends as well.
All of the staff are extremely friendly and knowledgeable, the service provided was outstanding and all at a fantastic price. The staff went above and beyond to answer any questions and ensure I was completely satisfied. I will definitely be using them again and cannot recommend them highly enough to others.
We offer depreciation services for
Utilising a tax depreciation schedule can significantly assist with cash flow.
We have many years’ experience depreciating all types of commercial properties.
Farm & Rural Property
A professional depreciation schedule will maximise return on your investment.
Ready to unlock the potential of your investment property?
Identify all your property tax deductions with a Depreciation Schedule from Bell Property Depreciation Services