Duo Tax

Important reminder: You can't claim depreciation on plant and equipment if it was installed before you bought the property. However, if you buy a new property or renovate, you can claim depreciation on new additions! 🏠💡 #DidYouKnow #DuoTax

Estimator vs. Quantity Surveyor: What’s the Difference? Here's what you need to know about the distinctive roles, responsibilities, and skills of an Estimator and Quantity Surveyor. 👷♂️ Estimator A construction cost estimator’s primary duty is to provide initial cost estimations that help builders and subcontractors secure tenders. 👷♂️ Quantity Surveyor Quantity surveyors are qualified construction professionals who serve as advisors within the industry. They are also one of the few professionals recognised by the Australian Tax Office as qualified tax depreciation experts. 📄 The Differences That Set Them Apart While estimators and quantity surveyors share similarities, there are key differences. • Projects they handle: Quantity surveyors often deal with larger, more complex projects, especially in the public and private sectors. Estimators, on the other hand, are more commonly engaged with residential and smaller commercial projects. • Their priorities: Construction estimators focus on providing accurate and timely cost estimations to win tenders. Quantity surveyors prioritise providing the BOQ (Bill of Quantities) and monitoring construction costs throughout the project lifecycle. • Their roles: Quantity surveyors provide support before, during, and after a construction project. Conversely, estimators are mainly involved before a project begins, during the tendering phase. • Tax depreciation: Quantity surveyors are qualified to provide depreciation schedules; estimators aren’t. Knowing the right person for your specific needs can help you get the best advice for your investment property. Read full article to know what the main roles, responsibilities, and skills of an Estimator and Quantity Surveyor are: https://lnkd.in/gYQmytfP

Calculating depreciation and figuring out what you can claim can be complex, especially with multiple factors to consider. With the help of qualified quantity surveyors, you'll get a clear breakdown of your claimable deductions and potentially save thousands of dollars in tax each year. 💲💼

Wondering how to get the most accurate value for your property? Discover the differences between Online Valuation and Independent Valuations. Understanding these options can help you make more informed decisions. 🏡 #PropertyValuation #InvestmentTips

The Tax Depreciation Guide to Duplex Houses 🏘 What Is a Duplex House? A duplex house is a single property on one block of land divided into two separate residences. The two individual homes are under one roof, but generally, there are different occupants living in each unit. 💲 Potential Benefits of Investing in a Duplex House 1. Double the rental income 2. Flexibility 3. No need to subdivide 4. Depreciation deductions 📉 Potential Risks Associated With Investing in a Duplex House 1. Higher maintenance costs 2. Living with your tenants Owners of duplex houses can benefit from higher tax depreciation as you can claim on both properties if they’re rented out. Duplexes often have more space and utilise more land, and importantly, they include double the amount of plant and equipment, allowing for increased depreciation claims on each self-contained unit. Read full article here: https://lnkd.in/g7cYMShb

Thinking of staying in your holiday home? Proper documentation protects your deductions and ensures you're on the right track with the ATO. 📰 #TaxTips #PropertyManagement #DuoTax

Keep your property records in order. This ensures you claim all your entitled deductions and stay tax-smart! #TaxTips #PropertyManagement #DuoTax

First Home Buyer Investment Property: Is It a Good Idea? 🏡 Buying a Home to Live In For many Australians, buying a home to live in represents fulfilling the long-held “Australian dream” of home ownership. 1. Fulfils the “Australian Dream” of Home Ownership 2. More Emotional Fulfilment and Stability 3. Mortgage Payments Build Equity You Keep 4. Government Grants and Stamp Duty Concessions 🏠 Buying an Investment Property Purchasing an investment property as your first home has become an increasingly popular route for getting started in Australian real estate. The strategy of “rentvesting” allows you to invest in property and generate rental income while continuing to rent affordably in the area you want to live in. 1. Renting Where You Want While Generating Rental Income 2. Tax Benefits 3. Potential to Access More Affordable Properties to Get Started So, Should You Occupy or Go the Property Investment Route? Determining if your first home should be a residence for yourself or an investment comes down to weighing several personal and property market factors: ❓ Can you afford properties in areas you want to live in? ❓ Will renting impact your lifestyle or stability? ❓ Do you plan to move to other areas in the near future? ❓ What are the price growth projections in each area? Deciding whether to buy a home to live in or an investment property depends on your personal preferences and financial capacity. Read the full article here: https://lnkd.in/gmVCgZS6

Understanding the effective life of a depreciating asset in your commercial premises can help you maximise your tax deductions! Knowing how long an asset can be used for income-producing purposes is key to determining its depreciation value for tax purposes. 😉 Contact Duo Tax Quantity Surveyors to learn more about maximising your tax savings! 💼💲🏢

Our mission is to ease your tax burden by offering affordable, convenient, and effective tax depreciation schedule service. Maximise your property investment returns and reduce your taxes with us! 💰🏠 #TaxDepreciation #PropertyInvestment #DuoTax