A Tax Depreciation Schedule (or Capital Allowance Report) is prescribed in the Income Tax Assessment Act 1997 and is the documentary evidence required to substantiate a claim for depreciation.
Each Tax Depreciation Schedule prepared by Opteon is designed to enable accountants or tax agents, to understand what amount of depreciation is attributable to the different components of the income producing property, the subject of the report. The schedule will be a key element in maximising permissible deductions.
At Opteon we specialise in the provision of independent professional advice and can help you to maximise your permissible deductions by preparing an Australian Tax Office compliant Tax Depreciation Schedule.
All depreciation schedules are certified by a fully qualified Quantity Surveyor and are fully insured under our professional indemnity insurance.
Opteon is a Registered Tax Agent which is a statutory requirement for those providing this type of specialised advice.
If you are interested in utilizing our services, please contact your local office, or request a quote.
If you are the owner of an income producing property and not claiming depreciation, you could be paying more tax than you should.
However, you won’t be alone. Opteon’s research shows some 65% of eligible property investors are not fully claiming their entitlements on income producing properties.
The Australian Tax Office allows investors to legitimately claim the depreciation on buildings and necessary plant and equipment as a way of reducing taxable income.
It is important to understand what is eligible and what is not.
The Income Tax Assessment Act 1997 contemplates that all property (excluding land) will diminish in value as it gets older or wears out. The process of determining the diminishing value is known as depreciation.
At Opteon we specialise in providing clear, independent professional advice and can help you by preparing an Australian Tax Office compliant Tax Depreciation Schedule.
If you are interested in utilizing our services, please contact your local office, or request a quote.
In 2009 the Commonwealth Government moved to tighten up the rules surrounding the registration of professionals who are involved in preparing information used by tax payers.
The Tax Agents Services Act 2009 was introduced and requires the registration with the Tax Practitioners Board of anyone providing advice regarding depreciation. This includes eligible Quantity Surveyors.
Opteon is a Registered Tax Agent as prescribed by the Act (Registration No. 53831015).
The team at Opteon involved in the completion of depreciation schedules are members of recognised professional organisations including AIQS (Australian Institute of Quantity Surveyors) and RICS (Royal Institute of Chartered Surveyors).
If you are interested in utilizing our services, please contact your local office, or request a quote.
Opteon operates from 60 locations around Australia so in most cases, we will have a locally trained team member near your investment property.
Here are some other reasons:
- All reports are certified by a fully qualified Quantity Surveyor and Registered Tax Agent.
- All properties are fully inspected both internally and externally, maximising capture of eligible items.
- We will not advise you undertake the exercise if we do not believe there will be a financial benefit to you.
- Opteon is fully compliant with the Tax Agents services Act legislation that requires organisations giving advice on depreciation to be fully registered. (it is illegal for a non registered practitioner to give advice).
- Our comprehensive reports capture the 10 key areas of data that your accountant will require for your tax return.
- We provide a schedule that lasts for 20 years (although our experience is that most investors are continually updating or renovating so more regular updates are encouraged)
- Opteon is fully insured to undertake such work.
- We have team of friendly, trained property experts who up to date with current legislation and best practice. All work is centrally coordinated so you need only have a single a point of contact with us.
- You will be dealing with one of Australia’s largest independent property advisory firms. Our clients include all levels of Government, major Australian and International Banks, large corporations and of course thousands of individual property investors.
- Opteon is a fully Australian owned and operated corporate entity.
If you are interested in utilizing our services, please contact your local office, or request a quote.