Answers to many common questions can be found to the right.If you have any further queries please do not hesitate to contact us
What are the benefits of having Tax Depreciation Reports?
Many investment property owners are losing the potential tax depreciation by not having a depreciation schedule completed. CMR & Associates conduct a full site inspection of the property, gathering all the information to complete the report and ensure your tax deductions are maximized.
I have had an investment property for a few years and never made a claim, can I back date my claim?
You can recover missed depreciation benefits, you will need to speak to your accountant to amend your previous tax returns using our depreciation schedule.
My property is old, is it worth getting a report?
Yes, however this is dependent on the type of investment property,(ie residential or commercial ) the date it was built and if there have been any alterations, renovations or extensions.
The Builder/ Developer/Real Estate Agent gave me a Tax Depreciation Report so why do I need another one?
No, as this schedule is an indicative only report (in other words giving approximate costs only of what you may expect to receive). The ATO requires a true value report based on actual building costs, fittings and fixtures and starts from the date the individual owner has either purchased or rented the property out.
I have my own house, however I am going overseas for a period of time. If I rent my house out – Do I need a Tax Depreciation Report?
Yes, you will need to have a Tax Depreciation Report commencing from the rental date. From that date it is an investment property.
Is a Tax Depreciation Report transferable to the future purchaser of my rental property?
A Tax Depreciation Report is not transferable to future purchasers of the property. The information in each report has to be relevant to the current owner of that property. The report is worked out from the date each owner has either bought or rented the property out.
Can I claim any fees associated with my investment property?
Yes, you can claim fees associated with your investment property, items such as architect and structural engineering fees, planning and service fees are all claimable.
Why can’t my Accountant do a Tax Depreciation Report for me, as he submits my tax return to the ATO?
Your Accountant can not do a Tax Depreciation Report for you as the ATO has ruled only building professionals such as Quantity Surveyors have the knowledge and expertise in the costs associated with the construction industry.
What is the cost of the report?
The cost of the report will vary depending on property type and location, Contact our staff either via phone or email for a quote.
What do I get for my money?
You get a 40 year report which we email to you and if you require, we can also email it to your Accountant.
The report is recognized by the ATO and is signed by a qualified Quantity Surveyor.
Why Choose CMR & Associates?
CMR & Associates only specialize in Tax Depreciation Schedules. We have over 20 years experience in the field.
We have designed an easy to read report which Accountants and clients prefer. We pride ourselves on our customer service, knowledge and expertise.
It is reflected in the fact that most of our business is derived from referrals.