When your Principal Property becomes an

Investment Property

Just turned Your Principal Property into an Investment Property?  Then you can claim depreciation on your new Income stream. There’s just a couple of extra obligations (hoops) to jump through.

…Nothing difficult though.

TIP 1: As you have not recently purchased the property the ATO will want to know the Properties value immediately prior to it being an Income Producing Property. This is so the ATO can work out any Capital Gains Tax in the future.

Now this isn’t as hard as it seems. The A.T.O. is actually pretty relaxed about this. All you really need is for a Real estate agent to assess your property and put the valuation in writing. The A.T.O. will require the valuer to have good reasoning (evidence) as to the $ value placed on the property, but that shouldn’t be a problem for a good real estate agent. 

TIP 2: You want the property to be Valued as high as possible.

principal property

Older principal properties tend to have very good depreciation due to ongoing upgrades


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Tax Depreciation and your Principal Property:

Nothing much changes for Tax Depreciation Reporting on a former Principal Property. All the same Tax Laws & Tax Rulings apply. The property will need to be ‘Available for Rent’ for you to be able to claim Tax Depreciation on the Property.

Note: Your property may now be affected by recent A.T.O. Legislation changes

To find out if you are affected please submit an enquiry and we will let you know.

Wondering what to do now?

Hopefully I can provide some answers for you.

If you are familiar with tax depreciation reports you’ll know how much Money you can SAVE.

A nice big Refund cheque each year!

If it’s also your 1st Investment Property, then you’re probably like 9 out of 10 first time Landlords -wondering what it’s all about! 

Here are the Top 3 questions we get asked every day:

What is a tax depreciation report?

-also commonly known as a Quantity Survey Report or Tax Depreciation Schedule. 

Why do I need it?

How much is this going to cost me?

Well, there are 2 types of Tax Depreciation reports.

The cheap ones and the good ones. The cheap ones have their place but the good ones are exceptional VALUE for MONEY.

What you get for your money:

  1. You only have to buy a report once! It will last 40 years and can be updated easily.
  2. A high quality tax depreciaiton report will save you thousands in tax.
  3. Our clients generally SAVE between $8-$15 in tax for every $1 they spend on our reports! Essentially, your Accountant WANTS this report to save you tax and Improve your cashflow.


Here’s How:
The ATO allows an Investment Property owner to DEPRECIATE, or Write-Off, the value of pretty much everything in and around your Investment Property.
Basically, if you incur an expense as a result of owning an Investment Property you can CLAIM IT.

-Now there are 1 or 2 exceptions to this rule -like Soft Landscaping.
In short, you cannot depreciate items that grow -Plants, Turf, Trees etc.

Note: Recent legislation changes may result in fewer deductions available to you. Ask us why!

Tip 3: Now at this point I should mention that you Can still CLAIM for the maintenance of such items. So the Lawn Mowing & Gardening bills are all claimable as Maintenance items at 100% Write-Off!

Here is a quick list of what can be claimed as an expense when related to your Investment Property. The list is based on a list provided by the ATO so you know it’s all above board.

All of these items are claimable at 100% write-off.

Advertising Fees
Bank Fees
Body Corporate Fees
Borrowing Costs
Council Rates
Gardening and Lawn Mowing
Land Tax
Legal Fees
Pest Control
Property Agent Fees
Repairs and Maintenance
Stationery and Postage
Travel undertaken to inspect or maintain the property or to collect the rent
+ Everything we put into the Tax Depreciation Report @ various depreciation rates.

N.B. This List is not exhaustive and many more expenses can be claimed if they are applicable to your Property.

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former principal property

“WRC is now our first call for a Tax Depreciation schedule on a new property. Will is fast and efficient and always able to fit us in. I have the report back promptly and it is always well presented and easy to understand. I recommend him without hesitation”. Nathan Vickery

What do We do for You?

We are a family owned and operated business based in Brisbane. I am a 2nd Generation Quantity Surveyor. I believe we are the ONLY father-son QS company in Australia.

Ron has over 52 years experience in S.E.Q. as a QS and founded the company back in 1993.

We have been working together since 2008. Our knowledge of the residential construction history of S.E.Q. has enabled us to be the leading experts in tax depreciation on Principal Properties. No other company seems capable of finding the deductions in older properties like we can.

No stone is left unturned -so to speak

To ensure quality control, A.T.O. approval and respectable turnaround times, we limit our services to a maximum of 15 reports per week.

To ensure you don’t have to wait too long, get in touch today and we will reserve a spot for you!

In short, the depreciation report you receive from us will be everything your Accountant will ever want. -When you Request-a-Quote I’ll send you a detailed Sample Report which you can even send to your Accountant to Make Sure it meets their Standards!

Former Principal Properties are Particularly interesting to me. They always have hard to find Property Improvements that most overlook. This can make a big difference to Your Yearly Tax Savings.

Quality Before Quantity:

We put a LOT more time & effort into our reports to ensure our clients are very well looked after.

“I found the contact information from internet of WRC and several other companies, I tried to contact them in German time afternoon, but in Australia it was evening already, however I got reply soon from Will Callaghan. The email was simple but hit points. WRC always response to me in a reasonably short time during communication. I’m happy to go with them for the quantity surveying of my house in Brisbane. The staff in the company is very designated and very thoughtful, I’m sure the quantity survey report prepared by them will be very useful for my tax depreciation needs. I would like to give WRC 5-star rate.” Helen Yong Qian 

The Process:

One of our FULLY QUALIFIED and Registered Quantity Surveyors will personally inspect your Investment Property. This is a service MANY of our competitors DO NOT offer! 

Back at the office, your Tax Depreciation Schedule will then be prepared by one of our Fully Qualified Quantity Surveyors.

An Email copy will be sent directly to you and your Accountant.

An Invoice will be emailed at about the same time.

“Prompt, seamless and efficient. We requested the service for our Queensland. property while living in Sydney and Will was fantastic in getting it all organised in under a week with quality report. Well done and thanks”. Huda Olsson

What to do NOW!                                                                                                                

Get a quick quote for your New Investment Property & start getting Cash back from the ATO Now.

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What to Expect when Making Contact with us:

I know what it’s like trying to find the right person to help with a Problem. That’s why I like to be upfront with everything You Need-to-Know about Tax Depreciation. Whether you will Benefit from the service, and whether we will be able to Maximise Your TAX SAVINGS.

After making Contact, I will send you an email quote & give you a quick call you to discuss your Investment Property. I’ll then leave you be while you decide what’s best for you. We are not in the business of harassing potential clients.

1. We Promise to keep your Personal & Private contact details Secure and NEVER Sold.

2. We will NOT bug you with emails and phone calls if you choose Not to go with us.

3. We Promise you will speak with a QS every time you call -we DO NOT use call centres.

“WRC was referred to me by my accountant. Not knowing much about the report I needed, I spoke to Will and he was exceptionally helpful. From knowing exactly what I needed, to arranging access to the property with the rental agency, the whole process was smooth and efficient. Report was simple to understand, and the turnaround time from date of phone call, to date of report was very quick! Would highly recommend WRC and Will – 5/5!!!!!!” Zoe Fox

-An Important Note on Credit Card Payments:
We have a very easy to use and secure online payment system courtesy of Xero Accounting.

I hate paying card fees when I’m sent a bill -so I refuse to charge my clients a Card fee.

“I am a taxation professional who recently engaged Will (WRC QS) to assess several properties for depreciation/capital works purposes. Will did an excellent job, his final report was well constructed, easy to follow and fairly seamless with what I had done to date tax-wise”. Robert Daly -Chartered Accountant

Principal Properties can come in all shapes and sizes

Principal Properties can come in all shapes and sizes