Tax Depreciation Educational Videos | Koste

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Educational Videos

Educational Resources

We pride ourselves on being the Tax Depreciation specialists with a vast range of clients and unparalleled experience in delivering tax depreciation schedules for residential and commercial clients throughout Australia. We also understand that it can be overwhelming trying to understand how to maximise returns on property investments. To help assist with educating our clients and referral partners we have put together a comprehensive range of videos to assist across different property types and topics.

Please talk to one of our team to know more! 

Commercial Depreciation Tips

Tenant leaves a fit-out behind at the end of a lease?

It is not a great situation to be in when your commercial property has been abandoned by the tenant. As the landlord, you may be in a position to claim tax deductions through depreciation within the Income Tax Assessment Act 1997 on part of the assets left behind.

Do I need a site Inspection?

Koste inspectors are highly trained to identify qualifying assets, pick up renovation works, and estimate the costs of construction work during the inspections. It is however not always possible to complete a site inspection. Therefore, we offer virtual inspections free of charge.

Depreciation benefit for demolishing or replacing assets

As assets are depreciated over periods up to 40 years, the chances are you will have residual value in the assets that can be written off at 100% as a loss by calculating a balancing adjustment.

Why Should I Use Koste?

As one of the leading providers of Tax Depreciation Schedules in Australia, we now complete in excess of 3,000+ reports annually. Over the years, we have established a market-leading product and methodology to carry out Tax Depreciation Schedules to provide detailed and accurate reports at unbeatable fees.

How do I choose a Quantity Surveyor?

When you are looking to complete a Tax Depreciation Schedule, you will also need to select a Quantity Surveyor who is a registered tax agent with the Tax Practitioners Board (TPB). The TPB website offers a search function that shows the registration number and the records of the QS. This is the minimum requirement to look out for.

Can I claim for missed depreciation deductions?

Generally, the periods within which a taxpayer can amend their income tax returns are either 2 or 4 years. Individuals have an amendment period in relation to a particular tax return of two years from the date of the relevant notice of assessment.

Instant asset write off for Small Businesses

Over the last few years, the government has introduced a number of measures as part of the economic stimulus package for small businesses in the form of tax breaks including instant asset writeoff, which means you can claim an immediate deduction. The instant asset write-off was raised from $30,000 to $150,000 per asset.

Is my property too old to claim depreciation?

The majority of our depreciation reports are completed on second-hand properties even after the legislation changes on the 9th May 2017. Your property may have been built prior to the introduction of residential depreciation in 1987, the likelihood of improvements being made after this date is extremely high.

Can I claim depreciation when I buy a business?

Choosing the right business to buy can be very daunting, It has to suit your needs and lifestyle. When buying a business, such as a shop, it may include fixtures and fittings that are included in the purchase price.

My property is old however has been renovated before I bought will this be included?

Koste guarantees 3 x our fee in the first full tax year or the report is completely Free. In the 80,000+ reports we have completed over the years we have found very few which have had no capital work improvements completed since the introduction of residential depreciation in 1987.

Can I claim depreciation on a overseas property?

If you own an overseas investment property, you are eligible to claim both Div 40 (Plant and Equipment) deductions and Div 43 Building and structure allowances although the dates do differ slightly on eligibility.

I have a Holiday Let, can I claim tax depreciation?

You can claim full tax depreciation deductions if you use the full investment property as a holiday let. Where you rent part of your property, such as a bedroom or a granny flat, you can only claim part of the depreciation on a pro-rata basis.

What is Low Value Pooling?

The low-value pool provisions have been around since 1st July 2000 can be found in Section 40E of the income tax act 1997 containing details of both low-value assets and low-cost assets. It is a method to depreciate assets at an accelerated rate, meaning higher depreciation deductions and savings on your income tax.

Residential Depreciation Tips

Are all Tax Depreciation Report the same?

Koste is Australia’s only regulated Chartered Quantity Surveyor with the RICS who specialize in Tax Depreciation. We are proud of this as we have worked hard to achieve this status. We are also full corporate members of the AIQS. We make sure everyone is treated the same with care taken to get the best results as every dollar counts.

What is Low Value Pooling?

The low-value pool provisions have been around since 1st July 2000 can be found in Section 40E of the income tax act 1997 containing details of both low-value assets and low-cost assets. It is a method to depreciate assets at an accelerated rate, meaning higher depreciation deductions and savings on your income tax.

How does May 9th 2017 Changes affect you?

It has been a number of years since the Government announced in the 2017/18 budget measures to assist with the problems of housing affordability, however, Investors are still unaware of these changes. Take a look at what are these changes and how does it affect you as an investor.

Do I need a site Inspection?

Koste inspectors are highly trained to identify qualifying assets, pick up renovation works, and estimate the costs of construction work during the inspections. It is however not always possible to complete a site inspection. Therefore, we offer virtual inspections free of charge.

I have a Holiday Let, can I claim tax depreciation?

You can claim full tax depreciation deductions if you use the full investment property as a holiday let. Where you rent part of your property, such as a bedroom or a granny flat, you can only claim part of the depreciation on a pro-rata basis.

Depreciation benefit for demolishing or replacing assets

As assets are depreciated over periods up to 40 years, the chances are you will have residual value in the assets that can be written off at 100% as a loss by calculating a balancing adjustment.

How do I choose a Quantity Surveyor?

    When you are looking to complete a Tax Depreciation Schedule, you will also need to select a Quantity Surveyor who is a registered tax agent with the Tax Practitioners Board (TPB). The TPB website offers a search function that shows the registration number and the records of the QS. This is the minimum requirement to look out for.

My property has been refurbished can I depreciate these costs?

Most second-hand properties will have undergone some sort of renovation or asset replacement since it was built and will benefit from depreciation deductions on the cost of these works. For residential properties.

Can I claim depreciation on a overseas property?

If you own an overseas investment property, you are eligible to claim both Div 40 (Plant and Equipment) deductions and Div 43 Building and structure allowances although the dates do differ slightly on eligibility.

Can I claim for missed depreciation deductions?

Generally, the periods within which a taxpayer can amend their income tax returns are either 2 or 4 years. Individuals have an amendment period in relation to a particular tax return of two years from the date of the relevant notice of assessment.

My property is old however has been renovated before I bought will this be included?

Koste guarantees 3 x our fee in the first full tax year or the report is completely Free. In the 80,000+ reports we have completed over the years we have found very few which have had no capital work improvements completed since the introduction of residential depreciation in 1987.

Does tax depreciation affects Capital Gains Tax?

The legislation changes made in May 2017 affected secondhand property owners, resulting in the amounts that could have been claimed under Division 40 Plant and Equipment aggregated at disposal and forms the basis of a CGT event.

Do you get more depreciation from an apartment rather than a house?

When calculating depreciation, we consider a range of factors that calculate the final depreciation deductions, including the Purchase Price, Construction Start Date, Settlement date, Construction costs, Land Value and fixtures, and fittings.

Is my property too old to claim depreciation?

The majority of our depreciation reports are completed on second-hand properties even after the legislation changes on the 9th May 2017. Your property may have been built prior to the introduction of residential depreciation in 1987, the likelihood of improvements being made after this date is extremely high.

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