Informing the Quantity Surveyor of Improvements
Property investors can make a significant contribution to maximising tax depreciation deductions by providing relevant information about any improvements made to their property. By actively informing the Quantity Surveyor, investors ensure that these improvements are included in the tax depreciation report, allowing for accurate assessment and calculation of depreciable values.
Examples of Improvements
Investors should inform the Quantity Surveyor about a range of improvements, such as renovations, refurbishments, and additions. This includes details about new fixtures, upgraded areas (e.g., kitchen or bathroom), installations (e.g., solar panels), and other significant modifications that enhance the property's value.
Impact on Depreciation Claims
By disclosing improvements to the Quantity Surveyor, property investors enable the inclusion of these enhancements in the depreciation schedule. This ensures that all eligible assets are considered, maximising the overall depreciation claim. The depreciable value of these improvements can have a significant impact on the deductions and financial benefits for the investor.
Assistance with Site Surveys
If property investors are unable to provide detailed information about the improvements, Taxshield offers assistance in arranging a site survey. Through our extensive network of over 180 surveyors throughout Australia, we can connect investors with qualified professionals who can visit the property and assess the additions or renovations. This on-site survey ensures accurate data collection and helps capture maximum deductions.
Collaboration for Optimal Results
By actively participating in the process and providing information on property improvements or utilising our site survey service, property investors can collaborate effectively with Quantity Surveyors. This collaboration ensures that the tax depreciation schedule accurately represents all eligible deductions, ultimately maximising the investor's tax benefits and financial returns.
