What is depreciation?

The Australian Tax Office (ATO) allows owners of income producing properties to claim depreciation on their investment properties which in turn provides substantial tax savings and increased cash flows.  Over time, investment properties and their fittings incur “wear and tear”, this “wear and tear” is the amount of depreciation the ATO allows the investor to claim. Mintax have developed a simple, user friendly process that identifies all eligible claims, placing them in a concise, easy to read 40-year schedule.

Age of property

A common misunderstanding is that only new properties are eligible for a depreciation claim when in fact the ATO regulates that even properties built prior to 1990 are still eligible for a claim, many of which are missed resulting in lost tax savings.  

A simple phone call to Aaron or Geoff 1300 826 296 will help us assess the eligibility and potential benefits for your property.

Plant items

In addition to the claim for the building, our onsite inspection of all properties helps identify all eligible plant items (fixture and fittings) that the ATO allows the investor to claim.  These items depreciate at accelerated rates which maximises your depreciation claim.  Mintax ensures that where possible, plant items are either fully claimed within first year write off regulations or placed into our low value pool where items are depreciated at much faster rates.

Renovation work

Capturing any renovation works or extensions carried out by either the current owner or previous owners is critical to maximising your claim.  Our reports detail all eligible renovation works, incorporating these costs within our schedules at no additional cost to our clients.

Experience and qualifications

Our experienced Quantity Surveyors are recognised by the ATO to possess the necessary skills to accurately cost and prepare your depreciation schedule.  Mintax is a registered Tax Agent with the Tax Practitioners Board & our 40 year reports are fully ATO compliant.