WRC Quantity Surveying

South East Queensland’s specialist Quantity Surveyors for Tax Depreciation

Investment Property Owners:

If you want more money in your pocket…so you can buy more property…and set your children up for an easier life…then you must squeeze every-last-tax-refund-cent from your property now

Because tax depreciation is the only legal way to claim a refund for the ‘wear and tear’ on your investment property…it’s the only way you can get-ahead…without working even harder

This video ↓↓↓ was created by the ATO explaining what you can and can’t claim as tax deductions in your investment property. It’s straight from the ATO website, so you know it’s exactly what the rules allow.

Here’s where to find the most important bits…

0:16 What happens to your assets when tenants start devaluing them

0:42: The major tax-law change by Scott Morrison that kicks mum & dad investors in the butt

2:01 The essential thing most investors fail at -but so easy your kids can to do it for their pocket money

Note: for the limited remaining days of the 19/20 Financial Year I am offering my 2019 pricing to anyone who ‘gets a quote now’. Because it costs a-lot of money to employ premium skilled staff…on July 1 my pricing goes up 3.55%

Listen: Nobody needs a Tax Depreciation Report, yet without one, it’s legislatively impossible to pay the absolute minimum tax required of you. Without one, you can never maximise your cash-flow.
I am a lover of property….especially ‘mid-century Modern’, but more-often-than-not property is more ‘money pit’ than ‘investment’…nevertheless almost any ‘money pit’ can transform into a tax-refund machine..with my tax depreciation report!

But before you go shelling out your hard-earned dollars, it’s vital to know what it does and why….

…You Want A Tax Depreciation Schedule

Getting a depreciation schedule for your investment property means your accountant can claim a ‘loss’ for the “wear and tear” on your property.

But…that’s only possible through a Tax Depreciation certified expert (Quantity Surveyor). So, not even your accountant can prepare the report for you…too many botched reports forced the hand of the ATO. Now, only ATO authorised Quantity Surveyors can write them up. This is my Tax Practitioners Board Number to prove I’m one of them #264 628 507

That leads me to the next big point….

Watch this video ↓↓↓ by the ATO. You’ll find some vital tips 9/10 investors don’t know about.

Here are the key-points

0:28 The 7 must-do tasks to keep the ATO off your back

1:48 What happens when you charge your kids board

2:18 The 2 types of rental expenses that create big-cashflow…and…1 type you should avoid at all costs

Here Is What a Tax Depreciation Schedule Does

If you’re new to ‘tax depreciation’ what follows should explain everything you need to know. If you’re well versed in the subject then this will serve as nothing more than a refresher for you.

The ATO knows new Landlords suffer horrendous cash-flow issues in the early years. So to help-out the ATO introduced the tax depreciation legislation. They decided Everything in your property (excluding the plants, turf, mulch and pebbles) should be considered a ‘depreciating asset’ and assigned them with ‘lives’.
Items were categorised into either Div. 43 (Capital Works -structural items) or Div. 40 (Plant & Equipment – loose items) …But a better explanation of the two would be;

Capital Works = anything that can’t be taken out of a box and installed easily.

Example: a tiled floor comes in boxes but you need a tiler, glues, bedding, grout, tiles need cutting and so on -before it’s ready for use.

Painting is another one. You can’t just call a painter and have him unbox a new paint job. Be good if you could though!

Plant & Equipment = anything that is easily swapped-out.

Example: you pull out the old oven, unbox the new one and plug it in.
Or; you have Venetian blinds but could easily swap them for curtains or shutters.

All capital works items depreciate at 2.5% p.a. until they’re 40 years old.
Note: in some circumstances you can get 4% p.a. over 25 years -but I’ll let you know if you qualify.

While Plant & Equipment depreciate at the predetermined rates set out by the ATO in their big book of rates, some items can be written-off completely in the first tax return. Yet others drag on and on at very low rates. A passenger lift is a good example. They depreciate at just 3.33% p.a.

Sounds simple so far but…

Here’s Why You Need A Quantity Surveyor

What the ATO can’t say is what value each item has – this is where we come in. Under TR97/25 the ATO ruled only quantity surveyors can assess and value ‘depreciating assets’.
So, my role is to workout the market value of every asset in your property – then – calculate the correct depreciation percentages – based on the ATO book – and mark them as ‘on paper losses’ in a tax depreciation schedule.

Dodgy Operators

Because there’s always the possibility of dodgy stuff going on…like surveyors overvaluing items and less tax collected the ATO forced quantity surveyors to become registered tax agents with the Tax Practitioners Board (TPB). Now, all TPB-registered quantity surveyors are bound by TPB and ATO legislation….and therefore “must not provide false or misleading information on the depreciation schedule”.
We are – legally responsible – for the information provided and are therefore diligent in providing accurate information.

Here Is What A Tax Depreciation Schedule Can Do For You

Once you have your ATO authorised Tax Depreciation Report prepared…Only then will the ATO allow you to claim refunds for the ‘on paper’ losses. In theory you squirrel away your refunds to cover future costs. But… I’ve had clients spend it on serious fun…

…Like a trip to Hawaii!

Back in 2017 a client did just that with his refund…I know because we went to uni together and he desperately needed some cash flow. Two years earlier he invested in a brand-new highrise apartment but never bothered with getting a schedule prepared…he was hemorrhaging money. I did my job and he took his 2-years worth of backdated tax refunds and took his – then girlfriend – to Hawaii to live it up on the Hawaiian beaches for 7-nights. It sticks in my mind as she came back as his fiance!

Imagine that, knocking back mojitos and lazing on the pristine golden sands of Waikiki beach just because you got a tax depreciation schedule written up!

But, we’re getting ahead of ourselves here….before you go booking a trip to Hawaii, you need a tax depreciation schedule that knows how to shake-every-last-cent of tax refund from every nook and cranny your property has to offer.

You need a schedule that capitalises on the ATO fine print and the…

‘Trade Secrets’ to maximise your tax refund

Despite depreciation schedules being governed by the ATO there’s a handful of – surprisingly unknown, yet obvious – ‘trade secrets’ which allow for absolute maximum deductions possible – if you know where to look.

And I know where to look because I’ve been in this game for 12 years, while dad’s been doing it for 27….and we’ve seen a thing or two! We’ve deep-dived ATO legislation to unearth every legitimate trick-in-the-book to maximise client tax refunds.

That’s why there’s accountants who insist on sending their own clients to us. And have done so for decades…..because they know we can milk-the-legislation for every dollar you are entitled to.

…and that we’ve never had it questioned by the ATO

“I’ve been using William since 2013. Before that I was using his Father. I think 1998 was the first time we worked together. They’ve always been able to squeeze absolutely everything possible out of the depreciable items for my clients. That’s why I’ve stuck with them for so long”
-Rowan Siepen, Apex Accounting & Advice

But, no matter who you choose to do your schedule – me or some other guy – the next thing you need to do right now is find out if you really do need a Depreciation schedule or if it’s a waste of your money.

You can do that by clicking on the link at the bottom of the page which takes you to another page on my site called “do you need a tax depreciation report”. Or you can just fill in the quote box and get an answer straight from the horse’s mouth (me). I’ll give you 10 Minutes of my own time – free – to research your property and tell you straight. The-Good-The-Bad-and-The-Ugly news.

Below ↓↓↓ find the loophole that allows you to claim capital works items at full cost in year one – not over 40 years the ATO would prefer you do. And it’s straight from the ATO website, you know it’s exactly what the rules allow.

Here are the key-points

0:48 the ATO reveals the secret word to claim big ticket capital works items as instant write-off

1:46 The one thing NOT to do when you buy an older investment property

Otherwise, plough-on!

I’ve included some great information below.

Get your free sample report & quote
Easy 30-sec form, quick reply, no obligation

Note: I’m not in the business or wasting anyone’s time or money. If you get in touch I’ll tell you quite accurately how much tax I can save you each year -then, leave it up to you to decide your next move. In the meantime…

Here Are The Properties That Should Get A Depreciation Schedule

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