Frequently Asked Questions – Tax Depreciation
1. Are you truly a family owned & operated business? – Yes, 100%.
2. I have found companies providing reports for as little as $200 how do you compare? – The Tax Depreciation sector is very competitive. This has lead to a boom in opportunist business’ offering reports at a low fee. From time to time some of these low fee reports have come across our desk from frustrated clients wanting a proper report. You really need to compare apples to apples. Save yourself the time, hassle and worry about the quality of a cheap DIY report and order a WRC QS tax depreciation schedule today. WRC QS is fully insured & ATO compliant. We have been specialising in Tax Depreciation reporting since it’s implementation in the early 90’s. We know how and where to find the maximum deductions for your investment property.
3. What is the turn-around for a report? – We know how important it can be for clients to have their investment properties inspected on short notice. As we are a family business we are very flexible with our working hours and can inspect properties 363 days a year. We do prefer to keep to 8am-5pm Monday to Friday but are available most days. We have on many occasions inspected a property within 1hr of taking the call and can process a report within 24hrs.
4. Can my report be backdated to the date we first offered it for rent? – Here at WRC QS our standard practice is to calculate the depreciable items from the date the property was first available for rent. There are rules set out by the ATO which allow you to revise previous tax returns to include the tax depreciation schedule. You can only go back so many years so it is important you don’t wait too long to have your property assessed.
5. How many years do your reports run for? – Our reports run for 20 years from the date the property was first available for rent. We offer this extended report for no extra cost as it is a great help to the client when trying to work out long term deductions.
6. What about future expenses on the property? – If you happen to have expenses come up within 2 years of our report being completed we are more than happy to update the report at no fee. Generally future expenses would be considered maintenance items and would not need to be added to the report. Your Accountant would simply write them off at 100% in the year they occurred.
7. I have an industrial building, have you inspected industrial properties before? – We have inspected all types of investment properties from 50sq metre cottages built in the 1800’s to entire (one owner) high-rise buildings with over 200 individual units. Medical clinics, workshops and football field sized factories. We can handle anything.