Property Depreciation Process

Quantum QS & the Property Depreciation Process

Phase 1: Complete the online tax depreciation request form or alternatively call Quantum QS.

Phase 2: Upon acceptance of our quotation, we will arrange access to physically inspect the property through the property manager and/or tenant.

Phase 3: A representative from Quantum QS will inspect the property to gather all relevant data (measuring, recording and capturing all depreciable plant and equipment items including the main building and any structural improvements associated with the property) as required. Note, if the property is part of a strata title complex development or similar in nature then all relevant common areas including all their plant and equipment items will also be collected and recorded.

Phase 4: With the collected data gathered from site (as per phase 3 of our property depreciation process), one of our qualified quantity surveyors will commence compiling the capital allowance schedule generically referred to as a tax depreciation schedule which will outline in detail the total depreciation amount for the subject property.

Phase 5: Our staff will adhere to the in-house quality assurance program developed over the many years of our practice, prior to emailing the report directly to you or your nominated accountant.

Quantum QS depreciation reports will include the following:

  • Depreciation calculations for the Capital Allowance (as applicable) and depreciating assets formerly known as plant and articles for the full depreciable lifetime of your property (up to 40 years) using two different methods (Diminishing Value and Prime Cost) – Your Tax Agent will advise which is the most appropriate for you to use depending on your individual circumstances. Note that once one method is chosen from the outset you cannot chose another method in subsequent years.
  • Immediate write-off items (up to $300 in value).
  • Low-value pooling items (values greater than $300 and less than $1000).
  • Photograph(s) of the property.
  • All reports are emailed in a PDF format upon completion you will also be posted a bound hard copy if requested.
  • This process should take no more than 5 working days from the date of inspection.