Residential Tax Depreciation

A friend told me my property maybe too old to claim depreciation.

This is quite often an incorrect assumption as any property built after September 1987 will have some available depreciation. In addition to this, any renovation works completed after this date, either by you or the previous owners, are also eligible to be claimed. A Mintax Tax Depreciation Schedule will include claims for any extensions, renovated kitchens, bathrooms and any external works such as paving, fencing and shedding.

How often do I need to get this done?

The good news for you is that a Mintax Tax Depreciation Schedule lasts the life of your property, that is up to 40 years! Annual claims are clearly set out for you and your Tax Agent for the next 40 financial years. You may need to update your schedule or order a new schedule if you are planning any renovation or additional works to your property. Contact us to discuss your options around future renovation works.

How much can I expect to claim each year?

Every investment property is unique and therefore every claim is unique. We have been completing Depreciation Schedules for over 15 years now and from our experience we have an excellent understanding of how much depreciation is available in a variety of properties. We have provided many real-life examples at case-studies you can simply compare your property to the variety of examples to give you an understanding of what you can expect.

Can you include any additional works I have completed?

Yes. If you have spent money on extending or improving your investment property and these works are eligible for a claim, we will include these in your Mintax Tax Depreciation Schedule at no additional cost. Mintax will even search for eligible renovation works that may have been carried out by previous owners which ensures you are claiming every possible amount available.

Can I claim any common area such as the carpark?

Yes. Often overlooked by many is the depreciation available in common area such as carparks, fencing, lifts, gymnasiums, swimming pools and communal areas. In most circumstances your Mintax Tax Depreciation Schedule will include your share of any common area depreciation at no additional cost.

Couldn’t my Accountant do this?

No. The ATO recognises Quantity Surveyors as having the necessary skillset to accurately assess and report on construction costs. Whilst your Accountant will provide you with professional advice on how you can maximise your claims, they most likely will not have the capacity to visit your property to accurately assess building works and historical costs. In fact, many clients are referred to Mintax by their Accountant to ensure their depreciation claim is maximised.

Do you operate interstate?

Yes, our refreshingly high levels of service extend across all Australian capital cities and most regional locations. Many of our interstate clients have awarded us 5 star reviews which you can check out at Testimonials.

I forgot to get a schedule prepared, how far back do you go?

You will not miss a cent of available depreciation! A Mintax Tax Depreciation Schedule will extend right back to your purchase date or the date your property was first rented out. In most circumstances the ATO will allow you to immediately claim up to two financial years in arrears and potentially further with a variation to your tax return.

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Process and Fees

How much does a tax depreciation schedule cost?

Unlike many Quantity Surveyors, Mintax provides a “one on one” personalised service which in most circumstances includes an onsite inspection of your property. Please check out our client’s comments about our personalised service Testimonials.

Our residential fee for this level of service, including our 40-year report is typically between $500 - $700 with consideration given to the location and type of property. You may be considering cheaper options, potentially a Quantity Surveyor that does not recommend an inspection, provides limited customer service, and passing you from one staff member to the next. Mintax is on your side and will ensure that every effort is made to maximise your claim whilst personally guiding you through the process.

Commercial properties require a detailed assessment for a quote to be formulated. Mintax takes into consideration the type of property, the size and use of the property, the assets to be included within the tax depreciation schedule and the entities involved (tenant/landlord). Mintax will personally assess all of these variables before providing you with a written quote. You can call us 1300 826 296 or request a quote at contact us.

How long does it take to get my schedule?

As part of our refreshingly good service, we like to think we are pretty efficient! Once we have received your instructions to proceed with all required details, we will make immediate arrangements to set up the inspection. Mintax will have your report ready to go within 5 business days of the inspection.

Why do you recommend an inspection?

We recommend an inspection to save you paying too much tax! Whilst there may be rare occasions where we can complete a Tax Depreciation Schedule without an inspection, the risk of missing hidden depreciation items should always be considered. An onsite inspection by our experienced staff ensures every single dollar of available depreciation is captured and included in our schedules. Smaller items are often overlooked and missed renovation works by previous owners can potentially cost you hundreds if not thousands of dollars.