Do I need to obtain a report annually?
Depwest provide you with a comprehensive report which is valid for the lifetime of the property – commonly a 40 year report depending on the age of the property.
Is an inspection necessary?
Site inspections are necessary to satisfy ATO requirements, a qualified and experienced inspector will visit your property, measure the building, assess the construction and record all depreciable plant and equipment Read More…
When is the report dated from?
The report always starts from the settlement date irrespective of when the property was first leased.
I require a report to be completed urgently, what is your turn around time?
Within the Perth Metropolitan area – We have a very efficient turn-around time with inspections generally being booked within 1-3 business days and the completed report will then follow two Read More…
Is it financially feasible for me to obtain a depreciation report?
Feasibility study: The construction completion date (link Division 43 – Capital Works Allowance) The settlement date i.e. (link Division 40 – Plant and Equipment) Renovations/additions prior to purchase (dates must Read More…
Why can my accountant not complete my report?
Unless they are otherwise qualified, valuers, real estate agents, accountants and solicitors generally have neither the relevant qualifications nor the experience to make such an estimate. (Tax Ruling 97/25 of Read More…
I just purchased an old unit, with the intention to renovate, should I wait to get my report once all the renovations have been completed?
No, it is better if you obtain the depreciation schedule before you start renovating so that you can claim on the original plant and equipment included in the sale (as Read More…
How can I claim on an inherited property, as I am not sure what date of settlement to use or the purchase price?
The settlement date will be the date the property transferred to you. The client must obtain a valuation in order to determine the hypothetical purchase price – in many cases Read More…
Do I need to have receipts for post purchase expenditure?
We do not ask to see any receipts; however you should have receipts in the unlikely event of an ATO audit.
Can I claim for landscaping?
The ATO stipulates that human/man made elements such as structures, stairs, fences, reticulation or other material objects are claimable but the actual natural elements such as elevation, gardening etc. are Read More…